Accept Credit Cards More Quickly and Easily Than Ever
Owning and running a business today often require many skills, managing to keep your business competitive while growing your customer base and remaining profitable is a challenge.
But sometimes, a little helpful guidance can help you discover brand new ways to grow your customer base and increase your bottom line.
Taking credit cards, for instance. It’s likely you’ve thought about accepting credit cards at your business. But something is holding you back. Maybe you aren’t sure how to go about it, or what steps you should take to select a merchant account provider – the business that handles credit card processing for you. Maybe you don’t understand just how credit card transactions are processed.
Or maybe all those supposed benefits of accepting credit cards seem like just a lot of hype. Whatever it is that’s making you hesitate, you keep coming back to the question: should your business start accepting credit cards? Business advisors say yes, and here’s a list of reasons why:
It’s easy to open a merchant account. Today, there are more merchant account providers to choose from than ever before. Competition among providers has made them more accessible and more affordable, and has dramatically reduced fees and costs, as well as the steps necessary in the initial application process.
Variety is the spice of life and of merchant accounts. All that aforementioned competition among account providers has made them even more keenly aware of the need to provide a wide range of services and options designed to evolve with your business over time. As a result, you can choose a merchant account provider today that can see your business through all stages of development and can help identify cost saving strategies along the way.
Approval is quick and easy. The application can be completed right online, and in most cases your account will be approved within two to 10 days. All you need are your business’ financial records and a business bank account to get the approval process rolling.
Processing is secure. No matter where you do business, processing of credit card transactions is handled effortlessly by your merchant account provider. By using a retail terminal called a swipe or point-of-sale (POS) terminal a web store shopping cart, or a computer or cell phone, all credit card information is sent electronically to the card issuer, where it’s validated and approved for processing. At the end of the day, all of the proceeds from your account are transferred automatically and seamlessly to the business bank account you’ve designated. No fuss, no hassle, and no risk of lost or stolen cash or checks.
Credit cards can give your business “instant credibility.” Consumer researchers have spent a lot of time studying the spending habits and attitudes of credit card users, and one of the most interesting bits of data they’ve uncovered is that businesses that accept credit cards are viewed much more favorably than those that only accept cash. Consumers tend to view those businesses as being more trustworthy, established, and financially secure than cash-only businesses. And that attitude exists for both credit card and cash shoppers!
But it’s more than that: credit card users also tend to spend more than cash customers, and they tend to shop more often two habits that can help your business earn bigger profits. What’s more, credit card users are far, far more likely to make impulse purchases and more expensive impulse purchases, than cash buyers.
Hopefully this article has helped you understand a little bit more about the process involved in accepting credit cards, and also helped you gain an understanding of the true advantages that opening a merchant account can offer to your business. Whether you’re convinced or still a little unsure, there’s no time like the present to start surfing the web, comparing a few merchant account services to get a better idea of how they can benefit your business.