Whatever your business is, you must provide your customers with an efficient way to pay for services and products. Accepting checks and cash payments can often lead to errors, potential fraud, and delays with receiving the payment. In a booming digital age, your business may appear out-of-touch if you don’t accept credit cards–and you miss significant rewards. Here are a few key reasons why your business should accept credit cards:
Your cash flow improves.
When you add an electronic payment method, your cash flow improves. You no longer have to wait several days for the check payments to be processed by the bank. Credit card payments are processed electronically and settled faster, and within a matter of days, the money is deposited into your bank account.
You will see a sales increase.
If you just accept cash or checks, you miss out on an opportunity to increase your sales. The reason is that consumers purchase more with the use of credit cards than any other form of payment. If you haven’t been accepting credit cards, you will receive a new influx of customers that don’t usually carry cash and weren’t able to shop at your business before.
You eliminate risk.
Your customers can pay on the spot, and you reduce the risk of potential fraud or bounced checks. It’s also less of a risk for your employees. They’ll be less vulnerable to the theft of cash or checks that need depositing at the end of the day.
You can expand your business on the web.
If you want to sell your products or offer your services through the web, accepting credit cards is the only way to go. When shopping online, consumers are far more likely to get to the check-out page their credit card if they don’t have to mail you a check.
It makes your business appear more legitimate.
The moment you start accepting credit cards, customers will feel like they can trust you. By providing the customer with more payment options, they are more comfortable with purchasing products and utilizing your services.
If your business hasn’t started accepting credit cards yet, now is the time to embrace this payment form. We have only listed just a few reasons you should accept credit card payments at your business. If you are looking for guidance for your business, contact us at Davis Thorpe and Associates for a free consultation.