Small Business Benefit to Accepting Credit Cards
Many businesses today are accepting credit cards. However, some small business owners are holding out because they may not see the need in opening a merchant account or they only know of the risks and not the benefits. They do not realize that the needs greatly outweigh the risks in the present economy.
Many modern consumers are opting out of carrying cash for the safety and convenience of credit cards. A cash-only business, no matter how small, actually hinders your ability to make money. Accepting credit cards will increase your sales and profits 30-100% (according to Visa International). In addition, consumers are more likely to increase their average sale order. When using a credit card, customers are more likely to buy more or upgrade products and services. Credit cards make consumers feel at ease. Customers make spur of the moment transactions using a credit card rather than with cash or check because it’s considered more hassle-free.
The benefits for merchants are not only financial. By accepting credit cards, a merchant can cut back on bad checks and collection costs. Credit card orders are screened for fraudulent transactions. A check can take forever to process before it bounces while a bad credit card is processed and declined within seconds immediately saving you from penalties.
Whether your business is retail, home, internet, or mail-order based, the benefits of opening a merchant account are very appealing. For most, it is an un-tapped market filled with new and unknown customers or clients. No matter how daunting taking the next big step in your business may be, the cost of NOT accepting credit cards and losing that huge market is far greater than the cost of accepting.
- Our easy application process takes about 5 minutes
- Accounts are usually approved within 24 hours.
- Save time & eliminate hours of bookwork each week as QuickBooks does the accounting for you.
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