Legitimizes Your Business
When you display logos of various credit cards at the point of sale, website, or register, you get the attention of the cardholder and offer them a sense of trust in the business. This is because they trust credit card brands and they carry them in their pockets. The trust is then transferred to the merchants who are accepting them.
Boost Sales
Credit cards allow you to take your business from the cash-only operation to one that accepts debit cards and credit cards. In this way, you can broaden your customer base. When you attract more customers, you are bound to make extra sales.
Gain a Competitive Advantage
Probably, your competitors are accepting credit cards. If you want to stay competitive and profitable, you should provide the same service.
Encourage Impulse Buying
Shoppers are likely to complete a lot of transactions easily and quickly without the need of running to the ATM or writing a check. This is because credit cards do not limit their expenditures because of the available funds. Recent studies have revealed that customers are likely to spend more when they pay with credit cards, particularly when it comes to impulse purchases.
Improve Your Cash Flow
You should note that credit card transactions are settled quickly and processed electronically. The proceeds are deposited to your bank account efficiently and promptly. Thus, you do not have to wait for checks to clear. This eliminates the need for billing and collecting debts from customers. Also, you will have less cash to handle.
Vital for Online Business
Most transactions on the internet are paid for by debit and credit cards. Thus, if you are selling items online, then you need to accept credit cards.
Avoid Bad Check
A bounced check can take a huge chunk of your profit for the day, not mentioning the valuable time that is wasted in tracking down the customer. Fortunately, pre auth debit and credit cards transactions are screened to reduce the potential risk of fraud. Moreover, you can rely on reputable merchant services to provide secure credit card processing. This helps to protect you and your customers. Also, you will be complying with the law.
Convenient for Customers
Consumers need to choose a method of payment that is beneficial and convenient for them. Credit cards are quite easy to use in a wide range of capacities. For instance, most credit cards provide points, rewards, and mileage that encourage cardholders to use credit cards whenever they want to make a purchase.