With the advent of more cashless shopping options, credit cards are becoming the payment method of choice for a lot of shoppers. There are even shoppers who no longer carry cash for shopping, just their trusted credit card. However, small business owners can still be hesitant with engaging a credit card processing service for their business. This is unfortunate as it means that small business owners without the ability to accept credit cards are unable to tap a large customer base.
If you think that adding credit card processing is not worth the risk and expense, here are some important reasons that may help change your mind:
Improved business image – When customers see that your business accepts credit cards and the accompanying card logos at your place of business, they are more liable to trust and bring their business to you. Customers trust credit card brands, and that trust is then transferred to merchants that accept credit cards. It also means that your business is able to meet the legal and security requirements that the bank and credit card processing service provider have imposed.
Customer satisfaction – With more customers opting to go cashless, a great part of customer satisfaction is based on the convenience of payment methods. Customers have been known to change shops if the establishment does not accept their credit card. After all, a happy customer is a potential repeat customer. Convenience is such a customer satisfaction point that many are actually willing to shoulder additional charges for credit card purchases – as long as the additional charge is sufficiently explained and notices are clearly displayed at your place of business. And if you leverage technology, you can use mobile card readers so that the customers do not need to go the cashier – the cashier can go to the customer – further increasing customer satisfaction.
More sales – Unlike cash customers, credit cardholders are not limited by the amount of cash they have on hand. They can utilize their credit limit and are more confident in purchasing more than their cash-based counterparts. Also, customers who prefer using credit cards do go out of their way to search for and shop at businesses that accept their credit cards.
Opens up online sales – The ability to accept credit cards opens up the ability to leverage online sales. You will however need to check with your credit card processing service if they can integrate with your online shopping cart. If they can support online purchases, then you have an additional channel for sales.
Better money management – Finances are easier to manage when using credit card payments as transactions are more easily processed. Instances of miscounted or missing cash are minimized as it only applies to cash-based transactions. With online records, it is easier for small business owners to keep track of their cash flow.
As credit cards and cashless shopping becomes more prevalent, businesses must continually innovate and integrate new payment methods as they become accepted standards. Not only does this help improve your customer base, but also allows your business to stay competitive.