Credit cards continue to become a highly preferred and popular payment method among customers across the globe. As a retail merchant, you might be losing many potential clients and sales without even knowing about it, if you are not accepting credit card payments. Many reliable online research reports have indicated that almost 40% of shoppers do not want to use cash for shopping now and about 96% of these are using credit cards and debit cards for making payments instead. So, we can say that almost every other shopper likes the cashless payment options today.
So, if you have still not started accepting credit cards, it is time you consider this option to boost your sales, profits, and business efficiency. Retail credit card processing brings along several benefits as discussed below.
As a retail merchant, you must accept credit cards to increase your sales and overall profits. Let’s quickly discuss some amazing benefits credit card processing can bestow your retail business with:
As you accept credit card payments, your business is established as legitimate in the industry. You can, then, display the logos of various credit cards and debit cards you accept on your e-commerce website. Cardholders will be attracted to your business and they will more likely trust your store than that of a retail merchant who doesn’t accept credit card payment.
Accepting credit cards provide the customer as well as a retailer with more options to make and receive payments, respectively. By providing your customers and vendors with more options to pay (cash, credit card, debit card, etc.), you will be able to keep them happy. This will have a direct and positive impact on your business growth and success. Thus, you must accept credit card payments to legitimize your business and boost your customers’ trust.
Retail credit card processing can help you boost your sales drastically compared to cash only option. With more and more customers now preferring digital payments to cash payments, you cannot afford to miss numerous business opportunities by not accepting credit cards. In fact, as you accept credit card payments, you open up your business to a massive customer base who might be shying away from your business just because you do not accept cards.
When you accept credit cards, there is no chance of missing a payment as it is in the case of bad checks. You don’t need to deal with bounced or bad checks anymore. You can save potential financial losses by avoiding bad checks this way.
Most of the time, credit card transactions are mostly processed electronically and are settled quickly. Also, the proceeds are deposited to the retail merchant accounts within a couple of days, at the max. This improves and increases your inward cash flow and discards all the issues involving bad checks, delayed billing, invoicing, etc.
If you are still not accepting credit card payments, you might be lagging behind your competitors who are already accepting payments through cards. If you want to survive the competition, the only way is to level up and start accepting credit card payments as soon as possible.
A lot of businesses, especially startups and small businesses, are concerned about incorporating card payments just because of a misconception that “credit card payments are costly.” Let me tell you, this is not true at all! Retail credit card processing is now cheaper than you ever thought and many processors such as Payment USA offer amazing merchant account service packages that work within the budget of most businesses.
Other than the benefits we discussed just above, accepting credit card payments brings along additional benefits such as: