As a small business owner, you have a lot on your plate. From keeping track of inventory to managing employees to paying the bills, it can be tough to stay on top of everything. But one thing you can't afford to overlook is how you're going to accept payments from customers. These days, cash and checks just aren't cutting it—customers want the convenience of paying by credit card (I mean, who doesn't like the idea of tapping their card, and voila, that's that. No rush, no fuss).
Why should you accept credit card payments?
First things first: why should you accept credit card payments? More than ever before, people are using their credit cards for everyday purchases—especially online. You’ve got to keep up with the times, if not anything else. But, I’ll lay out some solid reasons for you to consider:
- Convenience for Customers
For one, it's more convenient for your customers. In our fast-paced world, customers want convenience and they want it now. They can use their credit card to pay for your goods or services without having to worry about carrying cash or writing a check. By not accepting credit cards, you're making it more difficult for customers to do business with you. And let's be honest—convenience is king when it comes to customer service.
- Increased Sales
Another reason to accept credit card payments is that it's good for your bottom line. Studies have shown that businesses that accept credit cards tend to make more money than those that don't. That's because customers who pay by credit card tend to spend more money than those who pay with cash or check. When you make it easier for customers to pay, they're more likely to make a purchase. It's as simple as that.
- Builds Customer Trust
When customers see that you're willing to accept their credit card, it builds trust and shows that you're a credible business. After all, customers are entrusting your business with their hard-earned money. They want to be sure that they're purchasing from a reputable source that will deliver on its promises. In addition, credit card companies offer protection for customers if something goes wrong with their purchases. Accepting credit cards is one of the most powerful small business tools that sends a strong signal to potential customers that they're trustworthy, reliable, and worth doing business with. And that’s an image your small business should be projecting too.
- Helps with Cash Flow
Finally, accepting credit card payments is just good business sense in today's world. (I mean, if you're running a small business, then you don't need me to tell you how important cash flow is). By accepting credit cards, you can get paid immediately, and this will help with your overall cash flow and keep your business running smoothly. Plus, more and more people are using credit cards as their primary form of payment, so if you're not accepting them, you could be missing out on a lot of potential business. Not to mention, if one of your competitors is accepting credit cards and you're not, they're going to have a big advantage over you (you're not going to allow that, are you?)
As a small business owner, being able to accept credit card payments is one of the most important small business tools that should be at the top of your "what tools do I need to run my small business" smart list. It's an essential part of a successful small business strategy—so make sure you don't overlook it! Having this available will make it easier for customers to do business with you and can help increase sales. So, if you want to stay competitive and attract customers, there's no reason why you shouldn't start taking credit card payments! Set up your credit card processing today and start giving your customers the payment options they need and deserve.