Why Should a Small Business Accept Credit Cards?
When you’re shopping, how easy is it for you to pay by credit card? Is it easier than finding an ATM, withdrawing cash, and carrying change?
As a small business owner, you know accepting credit cards makes doing business with you easier for customers. And believe it or not, many small businesses are still cash-only companies.
While the process to implement a system to accept credit card payments at your small business may seem overwhelming, the advantages are hard to argue. If you haven't yet started to accept credit cards at your business, consider the benefits:
- Make collections easier. Collecting payment on outstanding charges is easier when you accept credit cards. When you communicate with your customers, they likely will have a credit card at hand to pay their bills. Without this option, collecting payment is more difficult and time-consuming.
- Create a transaction history. Keeping track of credit card transactions is easy because an electronic record of the transaction is automatically created through whatever service or device handles your transactions.
- Increase purchase frequency. Whether online or offline, credit cards are ubiquitous in today's shopping scene. In fact, an estimated 90 percent of goods purchased via online shopping are paid for using a credit card. Accepting credit cards makes your company more accessible to customers and easier to use for frequent purchases.
- Receive payments immediately. Accepting credit cards eliminates the several week wait for an invoice to be sent out and a payment to be received. Customers pay immediately with their credit cards, getting your business its payments faster and improving cash flow.
The sooner you begin accepting credit cards as a small business, the sooner your products and services become available to a larger market.