If your business involves selling anything to customers for profit, then you have to handle a lot of cash during the day, do some tiring and rather boring bookkeeping in the evening, and be ready to do the same the very next day, right?
Not necessarily. The world is quickly moving away from physical cash and with good reason. Here are five good reasons to accept credit card payments from your customers.
Encourage Impulse Buying
Customers don’t always buy only what they went to the store to buy. Sometimes they buy more things than they thought they would and other times they even buy entirely different things from what they set out to buy. The decision to buy extra things or more expensive things may be random to some degree, but as the business owner, you can encourage it in many ways. The placement of items and good customer service definitely help, but the best way to encourage customers to buy more than what they need is by accepting credit card payments.
Provide Convenience to Customers
Your customers all have their preferred method of payment. It is in the best interest of your business to avail these options to them. Many customers prefer to use credit cards because of the rewards that they get from their banks for using them, and such customers consider buying things from stores that don’t accept credit card purchases a waste of potential points. If your business isn’t accepting credit card payments, you are losing such customers to your competition every single day.
Have Less Cash in Your Business Premises
Receiving cash only in your business means that all the money you make is in your business premises, and that encourages thieves to take it from you. If you were to accept cashless payments, these would-be thieves would overlook your store because most of the cash isn’t there.
Access to Finance
Taking credit card payments will make your business qualify for an MCA (merchant cash advance). This is a very convenient alternative to bank loans. Your business gets the cash it needs quickly, and your credit history doesn’t need to be good in order to get the money. Repayments are taken as a percentage of future credit card payments, and so the amount paid per day varies depending on how much business you had that day. You can find out more about merchant cash advances at www.merchantmoney.co.uk.
If you use a PDQ terminal in your business, then bookkeeping is done for you automatically. You don’t have to count cash, you don’t have to write anything. The tiring and tedious work is taken out of bookkeeping, and now you just look at the records that have been conveniently generated for you.
Society is using physical money less every year, and businesses that don’t adapt to this are getting left behind. Most people now only buy from companies that allow them to pay using their credit cards. Setting up your business to accept credit cards is easy and affordable. And once you’re all set up, you can enjoy all the benefits credit card processing offers.