If you are a small business owner who is not accepting card payments at the minute you might be in two minds. You realise there are benefits to accepting cards however you also don’t want to sign up to a deal if its not going to increase profits. Here are a few of the pros with regard to payment terminals.
1. More payment options
Since June 2011 cheques have no longer been guaranteed by card. That means in effect it is no longer practical to accept cheques for retailers. Without cheques the only way a customer can pay is by cash if cards are not accepted. Many customers no longer carry cash around with them and those that do often only carry a small amount. If you want to cater for all your customers accepting debit and credit cards is really the only way to go.
Accepting card payments means there is less on the premises. If you are the victim of a robbery for instance there is less cash for thieves to take. If staff are handling less cash there is less opportunity for them to take any. You also decrease your exposure to counterfeit notes.
3. Increase trust
If a retailer accepts card payments people make certain assumptions. Likewise if you see an e-commerce site that only accepts Paypal or a high street retailer that is cash only you draw conclusions about them too. Offering card payments presents a more professional image and builds trust with customers.
4. Make larger sales
Customers spend more when paying by card. If you have a minimum threshold for card payments, customers will often increase their purchases to get to that level. Customers spend around 20% more when paying by card.
5. Grow your business
By accepting credit and debit cards most small businesses will make more sales and larger sales. If your competitors are not offering card payments you will have the advantage. An increase in revenue and profits allow you to invest in and grow your business.
6. Fees might be lower than you think
Over the years credit card processing fees have come down for small business. If the prospect of fees is putting you off it could be worth getting a few quotes. They might be lower than you think and it might make sense to accept card payments.
7. Card machines log all transactions
If there is any problem with a payment or customer query all transactions are logged and therefore easy to check. Another benefit of this is for record keeping.
Further benefits include payments being made at time of sale and being guaranteed. Of course you also should be aware of the costs before signing up for a merchant account. Take a look at 5 Things You Need To Know About Merchant Accounts for further information.