You own a small business, or are thinking about starting one, and are wondering if you should accept credit card payment online. After all, you will have to take the time to set up an account, plus fees will be taken out for each credit card purchase. However, these fees are nominal when you consider how much of the population actually prefers to pay with card.
Grow Your Audience, Grow Your Sales
Accepting credit cards allows people the freedom to pay in a convenient way and it opens up your audience. The bigger your audience, the higher potential for sales, and the more sales you make, the higher your profit will be.
Often times, customers have their credit card numbers saved on their most used internet browser. When they are surfing the internet and come across something on your website that need, you likely just made a sale if you accept credit card payment online.
Quicker Payment, Quicker Payout
Additionally, credit card and debit card payments are processed electronically, which means that they are settled fairly quickly and then deposited into your business account. If you accept credit and debit card payments online, then you don’t have to wait as long to collect funds from your customers.
When you accept credit card payment online, you receive your funds faster than you would if the customer paid via check. Also, credit card payments eliminate the possibility of receiving a bad check, which can cost your business money.
The Sky’s the Limit
Customers who want to buy something with cash or a check have an automatic limit. Limits are often larger on credit cards, so people usually pay for larger items or end up purchasing a larger quantity of items when they pay with a credit card. Selling expensive items or increasing the amount of purchases your business makes is a sure fire way to increase your sales.
If you accept credit card payment online, customers also associate your business with brands like Visa and Mastercard. This boosts your credibility and makes customers more willing to shop with you. When customers view you as credible, and they have a good experience purchasing with you, they are more likely to return as repeat buyers.
It’s All About Customer Service
When it comes down to it, your small business is built on great customer service. When a customer is able to pay in a way that is efficient and convenient for them, they are more likely to have a great experience. You want to make the whole process smooth and easy, and if you don’t allow your customers to pay the way they want to, you are taking away from their experience.
The fact of the matter is, people have become accustomed to paying for things with plastic. Debit and credit cards are the preferred method of payment, and they are projected to only grow in popularity. If you don’t accept credit card payment online, you are only hindering your own potential to profit and grow as a business.
