One swipe, tap or click and there you go! The utter convenience of making quick, hassle-free payments tempts most shoppers today to use their credit and debit cards for shopping. As the usage of credit cards is constantly rising for making payments across the globe, merchants that still do not accept credit cards may be lagging behind and missing out on countless opportunities for growth and success.
These days, it is not uncommon for people to use their credit cards for making a wide variety of payments. The trend is here to grow further in the years to come. So, as a merchant, what all benefits you can expect as you start to accept credit cards online and at your brick & mortar store? Here are the top 10 most compelling benefits and reasons for a merchant to accept credit card payments!
- Legitimize your business – merchants that accept credit cards are established as legitimate. You can display the logos of all the cards accepted on your website and cash register to ensure more cardholders shop from your store – online or offline. It instills trust among customers while ensuring that your customers have more options to pay for the merchandise they shop from your store.
- Increase your sales & improve customer satisfaction – depending on “cash only” payments and transactions may end up hindering your business growth and may easily lose 100s of customers to your competition. When you provide more options to your clients for making payments, you add to the levels of the convenience of shopping from you and/or working with you. This convenience eventually leads to greater customer satisfaction, which is the ultimate key to generating more sales, adding a loyal clientele, and thriving in business.
- Stay safe from bad checks – when you accept credit card payments, there is the least possibility of dealing with bounced or bad checks. You don’t need to keep tracking down your business associates, partners, or customers who don’t pay on time for the goods/services obtained from you. In short, you avoid the hassle, stress, and time otherwise involved in extracting payments in case of bad checks when you accept credit cards.
- Improved cash flow – merchants that accept credit cards online or offline at their stores are able to manage their funds well and improve the flow of cash. The online credit card transactions, typically, are settled quickly. The proceeds are then immediately transferred to your bank account by the merchant account processor – usually in a day or two. While improving the cash flow for your business, accepting credit cards helps you discard issues such as bad checks, recurring billing, and collection of invoices from customers.
- Become more competitive – businesses that don’t accept credit card payments online or offline end up lagging behind their competitors who are already accepting card payments. To stay in the game and beat your competition, you will need to accept credit cards and make the competitive landscape favorable for your business.
- Take advantage of impulse shopping – as various statistics and reports infer, most customers who use credit cards end up shopping on impulse. Businesses have been making the most of this trend to generate greater sales and earn more profits. You can also do this by accepting payments through credit cards.
- Cardholders tend to spend more – with a credit card in hand, it is easy to make quick payments for the buyer. The same convenience motivates them to shop to their heart’s content irrespective of their budgets, in most cases. As a merchant, you would surely not want to miss out on the opportunity to lure these customers. Would you?
- Easy and quick payments – credit card payments are quick and easy for the shoppers as well as sellers.
- Safe transactions – thanks to the safe payment gateways and merchant account solutions providers such as Payment USA, shopping using credit cards is safe and better now.
- Reach out to a bigger marketplace – by accepting credit card payments, you can reach out to a bigger marketplace and sell your merchandise to more customers no matter where they live.
To learn more about how you can accept credit cards online and offline, connect with the experts at Payment USA.