Today, for small businesses, credit card processing has become essential. Apart from being more convenient than checks and cash, card payments come along with plenty of other benefits for merchants as well as consumers. This reason provides a base for the rapid growth of credit card payments as compared to any other payment type.
Why should small businesses accept credit cards?
Small businesses credit card processing has several benefits including the following:
- Compared to other payments types, credit cards are easier to use. Consumers can eliminate the need of carrying checks or cash – they are vulnerable to theft or loss. Also, with this, merchants will be able to avoid the hassle of manually depositing cash or checks into their accounts.
- They can help boost sales, as consumers tend to spend more when they are paying with credit cards. Also, they make more impulsive purchase decisions as well as purchase more frequently than those using cash.
- It helps in improving cash flow. Check payments can be unreliable as they may take days to clear. However, card payment transactions are directly deposited to the bank account – this offers faster access to the funds allowing them to clear bills and dues.
- Credit card payments acceptance can set your business up for the future. It paves way for accepting digital wallets – Samsung Pay, Google Pay and Apple Pay among others. Moreover, the latest advancements in credit card acceptance allow customers to make payments using smartphones. This will make payments smart, fast and secure.
- Helping streamline operations, credit card processing provides an official transactions record. Also, this reduces any duplication of accounting errors and eases your tax preparation and reconciliation tasks easier. Alongside, accepting credit cards reduces the volume of cash in hand – that needs to be counted, stored and transported.
- Accepting credit cards can help you legitimize your business. When you accept payments from leading financial brands, it shows your customers that you are serious about what you do. Also, credit card processing puts your business into the economic mainstream helping you build customer confidence and trust.
Where will the customers pay?
Well, this might have a straight answer – At your business. But, there is a lot more than you can find.
Your customers will expect options in the product and services they want as well as the ways they can make payments for what they purchase. Credit card processing providers have provided plenty of ways to pay – chips and contactless cards. This brings good news for you – an expanded footprint for your cash register. However, there is one flip side – you have more complicated options compared to five years ago.
- In-store – Many options to choose from – you can get a simple standalone care terminal to a robust fully-integrated POS system
- Online – Online retail sales are experiencing a steep rise so it is time for you to capitalize on the opportunity
- On the go – A secure mobile payment option makes it possible for merchants to accept payments offsite offering customer convenience additionally
- Over the phone – Via fax or mail order, customers can prefer to have this option, especially when they have questions about the purchase
All this is just the beginning. Small business credit card processing will enable the merchants to accept recurring payments for their routine orders or any kind of subscription service.
When should you get started?
The answer to this is – there is no timeline now. If you need further information, assistance, want to have all your questions answered or are ready to get started, you can always contact Ciesto Solutions. If you are well aware of your business requirements – chances are that we have a customizable solution for you or your requirements. Also, once you have made your decision, getting set up is quick and easy for small business credit card processing.
