Jon Lee You may be asking yourself why should your business accept credit cards. Today, accepting credit cards for every business is a must. Several decades ago, cash and checks ruled the payment arena. With the convenience of paying with plastic, the amount of customers wanting to pay with credit cards has soared to over 3 trillion a year. This is all because more and more merchants are accepting credit cards by opening a merchant account. TOP FOUR REASONS TO ACCEPT CREDIT CARDS: INCREASE YOUR SALES FASTER CHECKOUT INCREASE YOUR SALES Several studies have shown that the average size of credit card orders is up to three times larger than cash and check. There are several reasons for this. One being that consumers like to keep their current life style and that can result in charging for purchases and paying it off later. Another reason is it allows consumers to make purchases without the need to carry around a lot of cash. This can make consumers feel more secure. FASTER CHECKOUT For retail merchants, accepting credit cards can speed up your checkout line. It only takes a few seconds to swipe a credit card and receive an approval. Whereas it can take a lot longer to take cash and give change or wait for a customer to write out a check.
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MORE CONVENIENT CHEAPER THAN CASH MORE CONVENIENT For Internet and non-retail businesses, it is critical to accept credit cards. Today, very few consumers want to purchase something online and pay by mailing or faxing in a check. Charging it on a credit card is much more secure, faster and convenient for them as well as the merchant. It would probably be safe to say that the majority of all transactions online are handle with a credit card. CHEAPER THAN CASH Credit card orders are generally always much larger than cash or check orders. For this increase in revenue, it can easily justify and pay for the cost you incur in accepting the credit card. For example, if your credit card orders are a low 10% larger than cash, then that easily pays for the 2% or 3% it would cost you to accept that CREDIT CARD.
