Credit Card Processing Advantages Offer Customer Convenience, Empowerment
What are some of the credit card processing advantages? Why should a merchant accept credit cards? Statistically speaking, customers who use a credit card to pay for goods and services tend to buy more of it. More products! More services! Credit card processing advantages simply translate into more profits for the merchant.
Whether you run a small home-based business or a major distribution center, convenience is king! The reality is your customers won’t always have enough cash on hand to buy the products or services they would have purchased had they been able to use their credit or debit card. Giving them another purchasing option will make their life easier. This translates into an empowered, repeat customer.
Credit card processing advantages include the fact that accepting credit cards is simply easier and more reliable than checks. All too often, checks bounce! Credit cards don’t! The most recent statistics show that bad checks totaled more than $33 million dollars in 2006. Bad checks disrupt your cash flow. The unexpected bounced check from a customer could wreak havoc on your business account, causing other transactions originating from your outgo of funds to be returned to your account as insufficient, triggering overdraft charges you didn’t account for. This compounds the shortage of cash flow brought on by the original bounced check you took from that seemingly reliable customer even more so.
With credit card processing capability, you can focus on building your business and not chasing bad money. Credit card processing advantages can’t overlook the benefit of faster access to your money which typically translates into ramping up your revenue. Credit card purchase money is posted and credited into your merchant account within a few days, usually within 24 hours from batch closing.
Preferred by consumers and businesses alike, the consumer’s use of electronic payments like credit and debit cards has increased by 400% over the past ten years. Keeping your customers happy by offering the option of using a credit or debit card translates into increased profits!
Credit card processing services like Intuit QuickBooks focus on mobile processing for businesses on the go, or various other computer software programs, making it easy and convenient for business owners and managers to streamline sales. Software programs that offer the ability to accept ACH, mail, phone, and online payments along with POS credit card processing can also go a long way at providing superior customer communications, automated billing, recurring billing, and other data entry and reporting support. Some offer monthly newsletters that can be a great tool for the business owner for creating sales tactics, marketing strategies, gaining industry insights, and more.
Yes, credit card processing advantages far outweigh the small “cost of doing business” that shows up in processing and various service fees every credit card processor charges for the service. But shop around and compare processor rates. The pricing differences might seem to be trivial, but with merchants who take in lower credit card sales volume, that small fraction of difference could neutralize any credit card processing advantages.