Small Businesses Can Win Big For Accepting Credit Cards

Small Businesses Can Win Big For Accepting Credit Cards

For any small business that wishes to compete in the modern marketplace, it would make sense to allow credit card payment. With the majority of purchasers now possessing credit cards, a business not taking credit card payment will fall behind. Here are some reasons why your small business should think about accepting credit cards.

Increase Your Revenue

This is critical if you want your business to be a success in an extremely competitive market. A recent survey by Intuit saw that when consumers use credit cards, they spent up to 18 percent more than if they were using cash for their purchases. This, in turn, means that around 83 percent of small businesses saw increased sales and profits, as customers make more impulse purchases. By accepting credit card payment, you will improve your bottom line.

Make Your Customers Happy

Today’s shopper likes to feel in control, and credit card payments take the hassle away from them. A purchase can be made both easily and quickly, more often than not in less than a minute. No longer do you need to find an ATM, withdraw your cash, return to the shop and purchase. Neither do you have to write out a check, which, like the cash withdrawal, is dependent upon funds in your bank account. A credit card gives a customer more freedom to make bigger, or even more, purchases. Happy customers also tend to promote the companies they do business with, and word of mouth is a major factor if a small business wishes to grow.

You Will Attract New Customers

It is hard enough trying to market your business to attract new customers, but in allowing credit card payments, you can bypass this step in an instant. If a consumer knows you accept credit cards, they are more likely to shop with you. This in turn also creates loyal customers who will continue to shop in the future. Remember, the majority of Americans dislike paying for goods with cash, no matter the cost of the good, so a credit card option is a great bonus to offer to potential customers.

An Inexpensive Business Expense

Credit card processing is a very competitive business, so there will be many merchant services that can suit your budget. Even better still for small businesses, the rates are ultra-competitive too, with the increase in sales more than covering the costs of accepting credit cards. By accepting credit card payments, it can make an excellent return on your initial investment to get up and running.

Cut Out Bad Checks And Fraud

There is nothing worse than accepting a check that then bounces, taking a big hit out of your day’s profits. Then there is time wasted trying to track down the customer to get payment for your goods. When a credit payment is completed to purchase goods, it is screened to make sure this scenario does not happen. A merchant service provider can ensure that credit card payments are secure, protecting your business and the customer from identity theft.