Why accepting cards is great for businessSmall Business Advice 5 April 2013
Find out how your business benefits when you start taking payments by credit and debit card.
Whether you’re new in business or new to card payments, there are many reasons why introducing a card payment solution is a great way to boost business growth.
We’ve picked out five key factors for you to consider and if you’re not convinced after reading these, then call us and we’ll happily run through some more benefits.
1. Increase your profit
At the most basic level, perhaps, the biggest attraction of your business accepting card payments is that it can have a major impact on your primary concern: the bottom line.
For example, accepting credit cards will often double or even triple sales, meaning that it can help to drive growth and fund further expansion.
Academic studies have, in fact, underlined the point that if your business caters for credit and debit card usage, you can see your earnings increase substantially overnight.
2. Gain credibility
It’s important to acknowledge, too, that embracing card payments brings other, less tangible benefits to your business operation.
For example, studies show that displaying credit and debit card logos in-store can help to build a sense of trust between the consumer and the business they are dealing with.
Ask any business owner, and they will tell you that credibility is a crucial factor in achieving sustainable success.
If you are a small business just starting out, then building a credible, reliable reputation from the word go is key to your business surviving, and so showing that you are ready to take cards is a sure fire sign that your customers can trust in your services.
3. Improve cash flow
Still not convinced about taking card payments’ Well, consider the fact that accepting cards has a huge positive effect on business cash flow.
Regardless of whether sales increase or not – and they invariably do – your business will have the money from the card transactions delivered quickly and securely to your bank account.
This means that you won’t have to spend time twiddling your thumbs while cheques clear or sending out invoices. And with less cash and cheques to deposit, your business can enjoy fewer costly bank fees.
4. Get setup simply
Contrary to what many business owners think, getting set-up to accept credit cards is not a long and tedious process; far from it, in fact.
In most cases, the system can be installed in a short timeframe, meaning that any disruption to your business operation will be absolutely minimal.
However, not all providers offer a rapid set-up, so be sure to check before you sign up as you could find yourself open for business and without a card machine.
5. Convey convenience
Ever heard business owners say that the customer is always right? Well, applying that logic to this scenario, you’d be well-advised to recognise the preference of the consumer.
Studies have shown that around 70% of people prefer to pay by card, so give your customers the convenience of purchasing by card and they’ll spend more money, more often.
Losing customers to a rival because you’re not setup to take cards is a mistake that no business can afford to make.