Accepting Credit Cards: How It Will Improve Your Business and Increase Your Cash Flow
The benefits of small businesses accepting credit cards far outweighs the processing fees that most business owners dread. It has become a new form of “currency”, and by accepting it, you’re exposing your business to a wider demographic of potential customers.
Here are some other reasons why your small business should start accepting credit cards:
Paying with a credit card is no longer considered a luxury—today’s customers expect to be able to pay with a credit card, not to mention, “mobile wallets”. Your competitors are surely doing it, don’t let this be a reason for your customer choose your competitor over your business.
The option of paying with a credit card gives the customer the power of purchasing, without having a limit based on the cash they have on hand. Therefore, they may end up purchasing more than what they need. Additionally, customers have the ability to purchase higher-priced items, which they ordinarily may not because of the lack of cash. With a credit card, customers can also make purchases remotely. For your business, that means a potential increase on the average sale. The flexibility of payment boosts customer loyalty. They know they can return more frequently because of the ease of payment.
Transactions from customer to merchant is fast—it is as quick as a swipe of a card. For remote payments, customers can pay securely with the same kind of ease. For the merchant, it is also a more secure and sure form of payment. As a merchant, you don’t have to worry about chasing payments. Also, the money is deposited directly into your account, usually within 48 hours. The surety of that gives you the time to focus more on other parts of your business.
- Attaining cash advances
Did you know that by accepting credit cards, it increases your chance of obtaining extra financing with your business? Lenders are willing to provide funding for businesses based on the merchant statements that they provide, with a favorable form of repayment of deducting payments back from your future credit card sales.
If you are interested in getting started on accepting credit cards for your small business, we at Infuze Funding can help you out with selecting the right plan. You don’t have to be forced into high rate companies like Square. We have low cost, state of the art technology for any type of business.
Let us help you get started today!