Why Small Businesses Should Accept Credit Cards
Ever thought about how much money you are losing by not accepting credit card payments for your small business? The modern day consumer loves to swipe their cards when it comes to their expenses. The American Consumer Credit Counseling reports that 80% of consumers prefer to use their debt and credit cards to pay for their everyday expenses. Everyday expenses includes meals, gas, and groceries. Offering this payment method will satisfy Some business owners believe that accepting credit and debt cards adds to the cost of doing business. While there is a fee associated with credit and debt cards, businesses tend to recoup the cost by making adjustments in their prices.
As a small business, you want to make your payment methods as convenient as possible for your customers. By not offering to accept credit and debt cards, you may find yourself losing business to other competitors that do offer this commodity. Customers are understanding of the fees associated with credit/debt card accepting. Consumers will typically increase their prices to cover these fees and exterminate the possibility of the it affecting their profits and business expenses. Giving a flexible and convenient payment option to your customers will give them fewer reasons to say “no” when accepting your business.
There are recently new methods for accepting credit card payments that didn’t exist years ago. Other than running the cards through manual machine, there are now payments options online that can be easy for client’s to reach. Payments can be made through PayPal, GoPayment, Square (which attaches to your cell phone), WePay and other solutions. There are new technological advances that can help small businesses expand. Consider accepting this payment option, because it may be worth it in the end.