As we speed towards a cashless society, the phrase ‘sorry I don’t take cards’ should be heard less and less. But the reality is that two thirds of SMEs still don’t accept debit or credit card payment.
Here are our essential need-to-knows on card payments:
- Reduces your exposure to debt
Using a mobile payment platform will help to ensure that you can take timely payment so reducing your business exposure to bad debt.
- Legitimises your business
Taking credit card payments will establish your business in the industry as legitimate. Displaying the logos of the credit cards you accept on your website will grab the cardholder’s attention and make them more likely to trust your business.
- Customer satisfaction
Providing both your clients and prospective clients with more options in terms of credit card payments will please them and make them satisfied with your business, which in essence will improve your placement in the market. Therefore, accepting credit cards will increase your business’ level of legitimacy and instil rapport and trust with your customers.
And…. don’t forget that paying by credit and debit card provides a level of assurance to the customer that they have payment protection via their credit/debit card provider.
- Boost sales
Wider payment options means a potential expansion to your potential customer base as more customers are attracted to a range of wider payment options associated with the purchase of your products and services.
Keep in mind that most people prefer using credit cards because it is safe, legal, and convenient.
- Improve your business’ cash flow
In most cases, credit card transactions are electronically processed and are likely to be settled quickly. Then the proceeds are immediately deposited in your business bank account by the processor within a matter of days.
- Puts you on the same level as your competitors
It is true that a business may lag behind the competition if it does not accept credit card payments, especially when competitors are already offering credit card payments.
- Credit cards are reasonably inexpensive
Many businesses, especially small businesses, may be worried about incorporating credit card payments thinking that they are expensive, which is not true. Credit card processing has today become a very competitive industry with many companies, such as here at APHC via its partnership with SumUp, offering packages that are likely to work within any reasonable business budget.
If your business is yet to accept credit cards payment, these are just some of the reasons why you should firmly consider incorporating it in the business. It is definitely a great way of increasing sales, let alone its importance to other components of the business, such as legitimacy.
Find out more about our card payment offering by visiting the exclusive members area of the website: https://aphc.co.uk/member/.