Accepting Credit Cards – Amazing Benefits For Your Business
The benefits of accepting credit cards for your business can be game
changing. Customers across the demographic range use credit or debit cards for a
majority of purchases because of convenience and the wide acceptance of credit
If your business currently allows only for cash transactions, with confidence
the data clearly shows that you are missing out on potential sales.
The following http://www.ratecreditcardprocessing.com/accepting-credit-
cards is a brief guide to the benefits you can expect by adding credit card
acceptance to your sales system.
From The Merchants Perspective
1. Customer satisfaction. Customers simply expect modern businesses
to provide means to allow for credit card acceptance. The processing provides a
hassle free, fast way of payment. Customer satisfaction surveys have been shown
to be directly impacted by the ease and simplicity of your sales funnel and payment
2. Psychological needs. Data shows that customers are more inclined to
resort to impulse buying when paying with plastic. When the impulse is
experienced, knowing that the credit card can make the purchase possible lowers
the resistance to making quick judgement purchases. Paying with cash, literally
handing over the bills has been linked in brain scans to cause pain impulses that
paying by credit card does not cause.
3. Increase sales potential. If your potential customer is forced to
withdraw cash instead of using a card as payment will cause you to lose sales.
While your lead is getting money, they have time to reconsider your offer, be
approached by competitors, and simply forget about their urgent need for your
service or product.
4. Cash flow management. The time it takes for a credit card payment to
be processed and funded is faster than with checks, meaning that the funds are
more quickly accounted for and available for your business.
5. Security. Having low cash amounts in your business store makes for
a less tempting target for theft.
6. Convenience. Credit cards can be used globally, opening up market
transaction potential otherwise unavailable to your business.
7. Validation for funds and security. For merchants, you are able to to
validate that the card is open and active, if it has been reported lost or stolen, if
fraud has been reported, and you are able to ascertain that the balance is available
on the card to pay for the purchase.
8. Access. For online merchants credit card payments means sales.
Instant access to a global market for your business.
From The Customer Perspective
1. Security. Unfortunately, mugging, robbery and theft happens. Unlike
cash, credit cards can be cancelled and theft insurance can often see reimbursement
for any fraudulent purchases made by the thief.
2. Convenience. A customer may shop online, in-store, or anywhere.
Being able to take credit card payments saves time, allows for big purcahses, and
avoids the inconvenience of writing a check. For products only available online, a
credit card may be on of your only options.
3. Borrowing. Credit cards act as credit lines, allowing customers to
borrow when necessary to make purchases they otherwise could not.
If you are a merchant considering accepting credit cards, consider the
1. The payment channels may not be secure enough to protect customer
card information. Credit card numbers can easily be determined but the three-digit
code (CVV) that goes with the card can help prevent fraud. This especially
happens for online-based purchases. Embedding internet security on your website
through Secure Socket Layers (SSL) is a must to protect your customers
2. When considering fraud prevention businesses must be aware of
merchant liability as well. When measures undertaken are proven to be ineffective
in countering fraud, merchants assume the responsibility of monetary
compensation and all that goes with it. Consult your recommended credit card
processing company about what their policy is regarding merchant liability.
3. Because credit card payments mean immediate deductions from the
available balance on the customer side, the ability to provide order status is
important. There is a valid expectation that accepting credit card payments
translates into a need to provide enhanced customer support. Not having such
support systems can mean customer dissatisfaction and high chargeback rates /
4. Costs are involved in accepting credit card payments. Interchange
fees and discount fees per transaction processed and sales volume minimum
requirements are just some of the costs that you should be aware of.
5. Training needs to be given to the staff who will take care of credit
card payments. This may not even be a disadvantagewith a good competent team,
but it should be considered before you begin accepting credit cards for your
To begin accepting credit cards for payment you must start by opening a
merchant account or partnering with a payment processor company, purchasing
and installing credit card payment equipment, and integrating it with your current
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industry, visit our top credit card processing company review today.
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