What do businesses without card-processing options lose?
If you’re still on the fence about accepting credit card payments, the first thing to consider is this finding from a 2012 Intuit study: Businesses without card-processing options lose $7,000 per year to their competitors.
As more and more small and mid-sized businesses adopt alternative payment options, the loss of profit among slow-to-adopt companies will grow.
What do businesses with card-processing options gain?
The first thing they gain is increased profitability. According to the Small Business Administration, consumers are more likely to make “impulse purchases” when credit card payments are an option. A study conducted by Fit Small Business reported that companies that accept credit cards see orders increase by as much as 40%.
Accepting credit cards also means a faster turnaround on payments, fewer trips to the bank, and an easier transactions for clients. In many cases, it even simplifies inventory management and offers valuable insight into your ideal market’s shopping habits. Without a card processing option, businesses spend more money and labor trying to recover payments, having to float inventory until those payments are received.
Why are some business owners still nervous about accepting credit cards?
With each passing year, accepting credit cards becomes easier and more profitable. That’s not to say that entrepreneurs who shy away from accepting credit cards aren’t without good reasons for their reservations, including:
- Fear of fraud and security breaches
- Concerns about delayed payments and exorbitant fees
- Anxieties about increasing the complexity of accounting processes
If you think it’s time to embrace modern payment methods, it’s possible to address these concerns by carefully selecting a reputable merchant provider service to work with.
What should you consider before accepting credit card payments?
Download Credit Card Checklist
What to do if that all seems like a little much to figure out
Finding the best merchant provider for your company’s needs can be overwhelming. Dozens of reputable vendors are vying for your business, and each has its own set of rates and requirements. Attempting to navigate all of the numbers and the teeny tiny fine print is enough to make anyone want to return to the good old days of dollar bills, but the potential loss to your business can be devastating.
Precision Payment Systems simplifies the process of choosing a merchant provider service by navigating for you. As an independent broker, we have access to the most cost-efficient, secure vendors on the market. Through a free fact-finding consultation, we determine exactly what you need and find the best vendor to meet those needs. Best of all, the rates we secure are good for three years. Guaranteed.
Schedule a free consultation today to find the best solution for your business.