As a new business owner you may want to start out only accepting cash payments, assuming that accepting credit cards would be too much of a hassle or too expensive. The truth is there are many advantages to getting a merchant account and accepting credit card payments.
Along with having top quality products, services and employees, getting a merchant account for your small business is one of the best investments that you can make to help your business succeed. Fewer people carry cash these days and they expect most businesses to offer payment alternatives. According to a report by Bankrate.com, nearly eight in ten Americans carry less than $50 cash and two out of five carry less than $20 cash on a daily basis. Additionally, about 9% of consumers surveyed said they don’t carry cash at all.
Allowing your customers to pay by credit or debit improves their shopping experience. Credit card payments are faster and easier than cash exchanges and your customer won’t have to first withdraw money from their bank or an ATM before making a purchase. Additionally, there will be less cash on the premises and less need for you and your sales team to handle the security risk.
Consumers want convenience and opportunities to buy what they want, when they want it. Enabling your customers to make impulse purchases using a debit or credit card is a winning proposition for your bottom line and your customers’ satisfaction. Accepting credit card payments often leads to an increase in sales and satisfied customers who become your best brand advocates.
Brand loyalty is created through your customers’ appreciation for high quality products, good customer service and attention to details. You can get a leg up on the competition by also offering credit and debit card payment alternatives.
Accepting credit cards opens the door to new business opportunities through omni-channel marketing, i.e. inviting your customers to engage with your brand across multiple marketing channels. You may begin with a brick-and-mortar location and branch out to accept credit card payments online through an online payment gateway, ecommerce website, or via mobile devices.
Any way you choose to accept credit cards in your business — GoEmerchant has you covered. We are an award-winning merchant account provider offering competitive rates and have an A+ rating from Better Business Bureau. Visit our business owners page to learn more.
