Lessons Learned from Years with Cards

Payment Processing Made Easy

A business accepting credit card payments is said to increase their revenue by as much as 23%, and this is according to industry research. The reason for this amazing statistic is that when a business accepts other payment methods, they make their products and services more readily available to potential customers.

While initiating all other forms of payment method like deferring cash payment, would mean putting the merchant in a kind of disfavor because it will mean impairing the merchant cash flow just to serve a valuable client. However, this is not exactly correct, since the method of accept credit card payments is not really a one sided thing, but it will actually give convenience to both merchant and consumer. In this type of payment method, the merchant’s cash flow is not necessarily hindered because electronic transaction processing actually speeds up the credit card payment process. There is no need to clear checks or the 30-60-90 days deferred payment, but when one swipes a credit card the amount is directly deposited to the merchant account within 48 hours. So, it does not disfavor a merchant when he accepts credit card payments, but in enhances his ability to collect payment quickly because of a faster payment cycle and decreasing the billing overhead.

On the hand, giving your consumer another way to pay for their purchase is empowering them right there and then to obtain what they need. In other words, when you enhance a consumer a greater financial freedom to pay in credit, you no longer have to wait until they are capable enough to purchase what they need simply because they are short of cash in hand. In retailing there are only two ways to make more money. Reducing your expense or increasing your sales are the two ways of making money. This is what is commonly done on how to increase your average ticket. The method of accepting credit card payments does not only reduce your relative business overhead expense because the whole cycle of each transaction is conducted automatically, consumers paying with credit cards also typically spend about twenty percent more than when paying with cash or check. Accepting credit card payments does wonders to both merchants and consumers.

Companies that accept credit card payments gain credibility to potential customers. This means the expansion of your business to more clients.

If you want to broaden the scope of your payment method you are assured that it will be beneficial to your company as we have seen above. When a company does not accept credit card payment, customers will not have the power to purchase what they need and might have to return another day to buy your products, and if on the way they see another company selling the same products that means the end of your business relationship with this client because you have just turned him over to your competitor.

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