When you own a small business, you want to make it as easy as possible for customers to pay you. You don’t have time for complicated billing systems. If you own a small business and don’t have the resources or desire to install an on-site POS system, then card payments are right up your alley. Card payments are convenient and secure, making them the perfect solution for small businesses. Even if you don’t feel like you have the time or cash to invest in new equipment, it might be worth your while to take a look at accepting card payments as a form of payment from customers. Let’s look at why this is so beneficial for your business…
Accepting card payments at your business increases the convenience of your customers, but it also gives your business a boost in credibility. While customers may not immediately realize what accepting card payments does for your business, they will see it as a sign that you are a legitimate business owner who knows what they’re doing. Plus, you’ll be able to accept payments from customers who prefer not to use cash, which can be a big selling point for some shoppers. When someone pays with a card, they are less likely to try to take the business to court over a bad transaction. There’s just less to fight over. If a customer uses a credit card and their transaction is disputed, they could lose between $50 and $200, depending on their card type.
Studies show that customers who pay with debit or credit cards are more likely to purchase from you than those who pay with cash. This boils down to people being less likely to put extra money into your business. If a customer has $20 on them and wants to get something for $40, they might walk away because they don’t have the cash to put in your hands. With cards, this isn’t an issue. With card payments, customers are more likely to spend more. You can even see this with online shopping. Customers who pay with debit or credit cards are more likely to spend more than those who pay with cash. This can be a good thing if you want to sell more products or services. You’ll make more money from your customers with card payments, which can be great for your business.
It is easier to have a card on you to pay for items than cash these days. In fact, with the rise of Apple Pay and Google Pay, more and more people are paying with their devices and don’t carry their cards or cash anymore. If you don’t have a card reader that can accept these payments, you are missing out. Customers like convenience, and taking different payment methods is more convenient for them.
If you want to remain competitive in the current climate, you need to be keeping up with the competition. With over 60% of small businesses closing within the first three years of business, not accepting card payments can put you at a severe disadvantage. Put yourself in the customer’s shoes… if two businesses offer the same thing at relatively similar prices, but one takes cards, and the other is a cash-only business, and you rarely have cash on you, where you are going to shop? Using this logic, you can easily see that your competitor has the upper hand, and this is where you will struggle to keep up.