While you may feel that a cash-only operation is far more secure for your business, the fact remains that cash transactions are plummeting fast. So, when you plan on launching a new business or embracing alternative payment methods, it is wise to accept credit cards for payments. Setting up a merchant account to accept credit cards from customers is a simple process and can be helpful in the long run.
Accepting credit cards improves transaction speeds and expands customer base
Key Reasons Why Retailers Should Accept Credit Cards:
- To begin with, accepting credit cards can help give your business legitimacy. When you can show credit card logos at the Point of Sale counter, or on your website, you can catch the attention of the customers and convince them that your business is credible.
- When you accept credit cards, you can boost sales in the process as the moment you change your business from a cash-only unit to one accepting credit or debit cards, your customer base widens. When your buyer base expands, chances of sales automatically go up.
- If your business starts to accept credit cards, you can play on the same level as your business rivals who are already accepting this mode of payment. Unless you offer the same convenience to your buyers, you cannot hope to stay in the competition.
- When you allow customers to pay for products through credit cards, they are encouraged to buy without inhibition. There is also a lot of impulse buying since the money can be paid later. Shoppers find it easier when they can complete transactions faster, instead of having to run an ATM to withdraw money for payments.
- Cash flow gets a boost when companies accept credit cards. Such transactions are electronically processed and quickly settled. The proceeds are also deposited faster and efficiently into bank accounts. So, the waiting periods for checks to get cleared or collecting cash from customers are reduced.
- If you own an online store, it is essential to accept credit card payments from customers. As cash transactions are not convenient or possible for an online store, an e-commerce merchant cannot afford to stay away from credit cards.
- When you embrace payments through credit cards, you can cut down on risks of bad checks. Even a single bounced check can be very damaging to the profits in a day. You will also end up wasting precious time tracking down a customer for this reason. In comparison, credit card transactions will always be screened and verified, so risks of fraud are negligible. Besides, you can always choose a reputed merchant service provider that guarantees secure processing so that both you and your clients are safe against identity theft or data breaches.
- It is undeniable that paying by credit card is most convenient for the buyer. Not only is it easy to use, but they can also benefit from the points, rewards, and mileage that many of these cards offer cardholders. This encourages the buyer to use their card every time they make a purchase.
- Finally, if a company accepts credit cards as payment, it amounts to a cheaper business expense. It is because the processing rates for credit cards are quite affordable given that there is cutthroat competition amongst providers. Most merchants realize that a boost in sales because of the acceptance of credit cards helps to outweigh the costs involved. So, credit cards can actually be great returns on investment.
Why Is Shopify A Great Way For A Business To Accept Credit Cards?
- To start with, Shopify can help you to accept payments instantly. The installation process is easy, and you need not go through time-consuming third-party activations. Since Shopify Payments is included in your account, you simply have to activate it to get started.
- Shopify Payments guarantees quicker checkouts. When you make transactions faster and hassle-free, you boost conversion rates. Also, the business data and payment details are secure when you use Shopify. Besides, it is both PCI compliant and backs 3D secure checkout.
- Because of an integrated backend office, you feel like you are in absolute control over the cash flow. You can get a comprehensive view of the finances because you get to track orders and payments, all through a single platform.
- Shopify offers you multiple pricing plans like Basic Shopify, which covers all the fundamentals for those starting new businesses, Shopify, for those expanding an already established business, and Advanced Shopify, for accessing advanced features to scale up your business.
Shopify lets you accept credit card payments instantly