You may have heard that allowing credit card payment is good for business. Well, this much is true, but it is important to know the why and the how before you get started. Businesses can benefit greatly from offering credit card payment to their customers. Not only does this payment method improve their reputation and trustworthiness, but can also boost sales. The guide below explores why.
Increased Sales Potential
Over 80% of your potential customers own a credit card. Moreover, many customers prefer credit card payments over cash due to the convenience factor. Plus, many customers can earn credit card points and rewards. Thus, if you don’t offer this payment option, you are missing out on a potentially huge client base that is likely to shop elsewhere. By offering this option, sales potential will boom.
Convenient Customer Experience
If you are looking to offer a truly convenient experience for both yourself and your customers, investing in a credit card reader is the way to go. Credit card readers are portable meaning you can use them at your cash register or on the go. Moreover, they connect to devices that you already own, such as a tablet, computer, or mobile phone. Additionally, they are compatible with multiple payment technologies including chip & PIN, tap & pay, PIN debit, and debit tap. Modern life is all about convenience, and customers expect convenience from the merchants they shop with by enabling them to utilize credit and debit cards.
Having credit card payment options available also increases your credibility. This is true as it demonstrates to customers that you are an established company that can keep up with your competitors. More likely than not, the big players in your industry will all offer multiple payment options. By doing the same, you are showing your customers that you can match and meet these major players.
Many businesses experience an increase in customer sales conversions when they have a credit card payment option on their payment platform. Whether it is in store or online, credit card purchases tend to be higher value than non-credit card purchases, opening the door to a whole new world of clients who want to pay on credit. This means more money upfront and an improved cash flow for your business.
Managing the Risks
Of course, with credit card payments, there are a number of risks to navigate as well. It is therefore important to have effective strategies to mitigate these dangers so that your business is well protected as you move forward. The number one risk is credit card fraud, which occurs frequently in the world of commerce, especially online. You must take the time to research the top risks and put barriers in place to effectively combat anything that might come your way.
Overall, it is clear that offering credit card payment capabilities adds to the overall credibility of a brand. This payment option also ensures the customer experience is optimal, and increases sales. These advantages are too good to miss. If your business isn’t accepting credit card payments yet, what are you waiting for?