Reasons Businesses Should Accept Credit Cards
If you own a business, you may have already encountered the question of whether or not you should accept credit cards. Let's face it, few people carry cash these days. Not accepting credit cards could end up costing your business a lot of customers. But there are far more reasons why your business should start accepting credit cards if you don't already.
Throughout the world, the chief mode of payment, more and more often, is credit cards. Cash and the use of it has been cut down on by approximately 41% of today's shoppers. In fact, debit payments and credit payments are currently used by nearly 97% of consumers.
Let's take a look at the reasons why your business should accept credit cards.
Using Credit Cards Isn’t As Expensive to a Business As You Might Think
Some people still think there is a huge expense involved for businesses who allow credit card payments. Just like other industries today, the industry involved in credit card processing is competitive. Within any reasonable budget, many of the merchant service packages offered by today's processors are highly affordable. Even the smallest businesses can afford to accept credit cards with the rates as low as they currently are.
Your Competitors Are Using Credit Cards, So Should You
Rest assured, most or all of your competitors are already accepting credit cards. Your business is going to lag behind the longer you put off allowing customers to use debit and credit cards. It's hard enough to survive in the sales industry without being crippled by a bad decision not to accept credit cards. Level the playing field.
The Cash for Your Business Can Be Improved
Credit card transactions are usually settled quickly because they are electronically processed, in most cases. Within a matter of days, the processor deposits the proceeds into your business bank account. This improves and increases your cash flow and gets rid of issues related to invoice collection, billing, and checks.
You Won't Have To Deal with Bad Checks Anymore
Bounced checks and bad checks used to be a real problem for a number of businesses. The problem is virtually eliminated through the acceptance of credit cards. You won't have to try to track someone down to get them to pay for the services or goods they purchased with a bad check after it bounces.
Prospective customers and hundreds of dollars can be lost, and sales hindered, by cash only operations today. More customers will be attracted to your business, and your potential business base expanded, when you accept credit card payments. You'll see your sales increase. People prefer credit cards because they’re convenient, legal, and safe.
Make Your Business Appear More Legitimate
Within the industry, you want your business to appear legitimate. Credit cardholders will be more likely to trust your business, and it will grab their attention, when they notice on your cash register or website the credit card logos you display (the cards accepted by your business).
The last thing you want is for someone to walk into your store and (loudly) exclaim, "What? What do you mean you don't take credit cards? Everybody takes credit cards! What kind of a business are you running?"
Don't Let Your Competition Get the Edge Because They Accept Credit Cards and You Don't
Are you interested in saving hundreds of dollars on processing? Would you like the best service in the industry with the best terminals? Develop a business relationship with Millennium Payment Services. Get fully integrated payment gateways, upgraded security tools, experience no hidden fees, and enjoy competitive rates.
Complete and submit our application and soon you'll start accepting credit cards and debit cards. Contact us today at Millennium Payment Services.
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