Did you know that Americans on average carry 4 credit cards in their wallet? That’s only on average, meaning that some have more than that.
It’s the ease of use and convenience factor that comes into play when using a credit card that customers appreciate, especially since carrying cash is becoming less feasible and common nowadays. Especially when traveling abroad, using a credit card to pay for items makes life much easier.
Thus, it seems like you should start accepting credit card payments in your business if you want to stay up to date. Are you still worried about using this payment option? Keep reading as we share some of the benefits of accepting credit card payments in your business.
1. Easier to Set Up Monthly Subscriptions
If you own a business that does weekly, monthly or yearly subscriptions, then make it easier on yourself by using credit cards to set up these monthly subscriptions.
This way, you will get your monthly payments on time, as you can automate the whole process. Your customer won’t have to worry about missing a payment and losing out on their subscription, and you will know exactly how much money your business earns each month.
2. No Need to Worry About Payments Being Stopped
When you accept cheques, you have to contend with the fact that the customer could go back home, call their financial institution, and stop payment on the cheque. It happens all the time and probably happened quite often to you as well, with unscrupulous customers.
When you accept credit cards, you can be sure that your payments cannot be stopped like that, especially if you have gotten your customer’s signature or authorization to put the payment through.
If the customer doesn’t remember putting the payment through and calls their bank to dispute the charge, you have ample time to show the financial institution the receipt to assure them that the customer is just being forgetful and that it’s a legitimate authorized charge.
3. Get Your Payments on Time
Are you sick and tired of chasing after your customers every month to ensure that they pay you on time? Perhaps your business finances are affected as well because you don’t know exactly how much money your business will make each month since many customers renege on their payments or pay up late.
All this strife and confusion can be avoided if you start accepting credit card payments. It becomes even easier if you automate credit card charges.
4. Speed up All Your Transactions
Do you have a business that relies on fast turnover to make profits? Or do you have customers that have a limited amount of time for lunch and need to get their food, pay up, and leave fast?
Whatever the reason, customers are getting more and more impatient as time goes on. With credit card payments, you can speed up all your transactions. Customers can swipe their card or tap it, and within seconds, they can be on their way to their next appointment.
They are happier because they don’t have to remember to carry cash or their checkbook, and your business runs more smoothly as your staff doesn’t have to deal with finding change or dealing with irate waiting customers.
5. Legitimize Your Business
It’s a reality in today’s world that if you wish to be recognized as a legitimate business, you need to accept credit card payments. Many customers, especially the younger ones, will refuse to do business with you if you don’t accept credit cards.
A lot of folks don’t carry cash around with them anymore, relying entirely upon Apple Pay and Venmo to conduct all their transactions and purchases. You need to cater to this crowd if you wish to stay in business for a long time to come.
Using a business credit card can also improve your business credit score, and that can help you get loans easier in the future and also garner other benefits for your organization.
6. Build Your Customer Base
Another reason why you need to accept credit cards is that if you are the kind of business that does larger transactions with merchant account services included, then accepting credit cards will help you build your customer base easier.
Lots of folks aren’t comfortable transferring money from their bank account for such large transactions, but would rather put it all on their credit cards. This is because not only are they earning points and rewards for doing so, but they feel more protected in case of fraud if they were using a credit card.
7. Stop Chasing Checks or Dealing With Fake Dollar Bills
Even if you train your staff to recognize fake dollar bills, there are still going to be circumstances where some fake money will slip through the cracks. Also, it’s so easy to fake cheques, and you don’t want to spend all your free time chasing up customers who used fake cheques or didn’t put their information on the cheque properly.
Why do that to yourself and your business finances when you can easily accept credit card payments and make your life easier? There are many types of payments you can accept from customers, but credit cards have to be on top of your list.
Accepting Credit Card Payments Is Necessary in Today’s World
Reading through the article above, you must have realized the necessity of accepting credit card payments in your business. Your company finances will start to suffer if you choose not to accept credit cards from your valued customers.
Did you find the article above interesting? We hope so. There are also many more such articles on our website, so keep browsing.
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