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Why Accepting Credit Cards is Better For Your Business Than Cash Alone

Credit cards can be attractive, advantageous and beneficial for both business owners and customers. Businesses with credit options at checkout are in a better position to meet the needs of patrons desiring a payment option other than cash. Credit card processing as a means of expanding cash-flow of a business is worth considering. What are the advantages of accepting credit cards as opposed to having a cash-only business?

Better Customer Service

Credit card processing is a catalyst to premier customer service. It can quicken the pace of the payment experience. Consumers are drawn to companies with good customer service. This payment option is crucial to a business that sells products or services using the internet.

Increased Sales

If a customer does not have cash on hand, having an alternative payment option will increase the likelihood of following through with a purchase. Business sales can increase as a result of customer retention. Revenue will also increase due to attracting new consumers looking to spend on credit. Consumers tend to spend approximately 20% more on individual purchases when given a credit option.

Positive Reputation

Merchant accounts give businesses a more professional image in the eyes of consumers. Displaying card logos and decals make a good impression on potential buyers. An alternative payment option may mean the difference between receiving patronage or not.

Enhanced Cash Flow

Revenue gained by means of merchant accounts is deposited directly into the merchant’s bank account. Although there may be a delay before the funds become available to the merchant, credit card processing is very fast compared to waiting for a check to clear.

Lower Costs Overall

Although accepting credit card payments may mean added expense, it is less expensive than accepting checks. There is also the benefit of having less cash on hand that could be stolen.

Overall, giving a consumer more than one payment option is becoming more popular. Consumers have already begun to expect to have multiple choices for transacting money at the “checkout counter”. Accepting forms of payment other than cash will cost businesses money. But businesses are beginning to recognize this arrangement as a necessary operating expense in order to gain and retain customers. Merchant accounts give a business the advantage of being able to say “would you like to pay by means of cash or credit”.

Accepting Credit Cards on the Go

If you have credit card processing capabilities, you can now accept credit cards on the fly. Providers of merchant accounts are now allowing you to turn your smartphone or tablet to into a credit card processing terminal. How can you do this, how much does it cost and are there any requirements to accept credit cards wherever you are?

How Can You Accept Credit Cards on the Fly?

If you have one or more merchant accounts, you can connect your account to a device that you attach to your smartphone or mobile device to take credit card payments wherever you are. Customers can now use their credit cards when they purchase paintings at an art festival or when they buy hot dogs from you at the beach or at a youth sporting event. This enables your company to increase sales and cater to those who don’t like to haul cash around when they go out.

How Much Does it Cost?

Surprisingly, it doesn’t cost much to have this capability. In addition to standard merchant transaction fees, it costs about $30 or less to accept credit or debit cards on the fly. For most businesses, this cost can be recouped in only one or two transactions. Therefore, it is something that even the smallest of businesses can take advantage of to increase their customer base.

Which Companies Qualify For Such a Product?

The best part is that any company that wants to use their smartphone or tablet to accept payment via credit card can do so. However, it may be slightly more expensive to use if you don’t make a certain sales threshold each month. Businesses that make less than $3,000 a month tend to pay the most while companies that make more than $10,000 tend to make the most.

If you are thinking of ways that your company can expand its customer base, make sure to look into technology that allows you to turn almost any computer into a credit card terminal. This will allow you to make sales wherever you are and wherever your customers are interested in making a purchase.

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