Accepting credit cards legitimizes your business
By displaying signs and logos that you accept credit cards, you grab a customer’s attention and create a sense of trust in your business. Customers trust credit card companies enough to carry them in their wallets, and that trust is extended to merchants who accept those cards. Customers who trust you are more likely to buy from you.
Convenience for the customer
Less people are carrying cash with them because they expect businesses of all sizes to accept credit card payments. Although many businesses cite credit card processing fees as a reason to only accept cash, these businesses will lose money due to lost sales. Although there are costs for credit card processing, it’s more convenient for the customer. The customer is ultimately who buys your product or service, so it’s important that you offer options that are convenient for them.
Accepting credit cards can improve cash flow
Credit card transactions are processed electronically, and funds are typically deposited into your bank account by your processor within a couple of days. This means you don’t need to wait for checks to clear and there’s less cash to handle from your customers.
If you do business online, accepting credit cards is practically a requirement
The majority of transactions done online are paid for with credit cards. If you’re an e-commerce merchant, or if your store has an online shop as well, asking people to order online and pay in store or over the phone isn’t a common business practice anymore.
Security for your business
Your credit card processing system will do all of the work for you – from making sure the customer’s card is valid to making sure there are enough funds on the customer’s card. The credit card processing system also checks for security measures such as making sure the customer’s card data is correct. Although fraudulent payments do happen, a good credit card processing system will help ensure that it doesn’t happen often. In addition, if a customer is able to prove that your business incorrectly charged them, your credit card processing system will take care of the accidental transaction. Although you will be charged a fee for this, it’s easier and better than losing the customer.