Credit, not cash, is king. That’s been the merchant story for many years, which means businesses looking to boost revenues must embrace this philosophy.
It’s undeniable that new customers come to your business expecting you to accept credit cards. Not doing so can be an easy way to lose sales and make it hard to grow your business. The good news is that accepting credit cards is a simple and seamless way to increase purchases and drive more revenue.
Most businesses today accept credit cards, and not doing so will cause your business to fall behind the times. Luckily for you, the process of accepting credit cards is easy with payment enablement partners like goEmerchant to guide you. As a prominent player in the merchant payment processing space, we have an inside look into how to use innovative payment strategies to drive more revenue and boost customer satisfaction. We break down many of the perks for accepting credit cards below.
Drive Larger Sales
It’s proven customers are more likely to spend more with a credit card than they would with cash or even a debit card. Some industry estimates suggest customers are likely to spend as much as 18 percent more with a credit card over cash. Especially for larger purchases, customers can be apprehensive about paying for an item all at once and may want to defer the money by using a credit card. The ability to create impulse purchases and drive larger tickets are reasons enough for your business to accept credit cards.
Boost Credibility
With so many payment processing technologies that allow businesses to accept credit cards, people have come to expect that companies accept this standard payment method. Showing your customers that you are up-to-date with the latest industry payment methods proves you’re a credible business and that you take your customers seriously. Credit card payment processing devices have transformed so much in recent years that they have evolved to accept alternative payment methods such as mobile payments. Since those are linked to credit cards, you’ll want to ensure you have a system to accept these emerging types of payment methods. All of this together adds to your overall credibility as a business.
Improve Cash Flow
Businesses need cash flow to help their day-to-day operations run smoothly. From payroll to bill reconciliation, there isn’t time for delays in waiting to get paid. Instead of relying on checks to clear or cash to hit the bank, today’s credit card processing systems eliminate the waiting and help your business get paid faster. Thanks to innovations across the payment ecosystem, merchants can now have their funds deposited automatically into their accounts the next business day. This enhances payment cycles, leaves less room for payment error and helps take the friction out of this very important part of running a business.
Save Time and Resources
Besides improving cash flow, relying on a solid credit card payment processing partner can help automate much of your payment reconciliation process. Automating your deposit process can eliminate unnecessary trips to the bank, save time and waste from printing invoices from various payment sources and can ensure you’re not chasing down customers who paid with a bad check. Time is money, and time spent managing payments shouldn’t be something your business concerns itself with. Leave that to the experts, like us!
Satisfy Current Customers
Your customers expect your business to cater to them, and not the other way around. This is especially true today when it comes to accepted payment methods. Not accepting credit cards could be a real point of friction in the buying process, which can be a turn off to your current customers. The number of companies providing the same types of products and services is growing every day, which means not catering to their needs can cost their business. Maintaining a positive customer experience is all about putting their needs first, which starts with providing the right payment method.
Attract More Customers
Besides appealing to your current customer base, it’s important to keep in mind your prospective business. Making more payment methods available to customers reduces the barrier to entry and helps to keep them coming back. Accepting credit cards opens your business to the possibility of attracting customers you might not realize you’re missing. Show prospective customers you offer the latest payment methods in the market and that your business is relevant in today’s digital age.
Are you ready to learn what your business can do to get your credit card processing up and running in no time? Click here to learn how goEmerchant can check off every box on your payment processing list.
