Lessons Learned About Cards

Advantages of Credit Card Processing for Your Small Business

Credit cards have turned into one of the most usual methods for consumers to pay, with close to 60% of U.S. consumers preferring cards over cash. Even if some businesses may extend credit to customers through invoices and personal checks, most retailers and other merchants typically extend credit by means of card payments.

However, despite the widespread use of plastic over cash, a study demonstrated that more than half of U.S. small businesses –around 55%– do not accept credit cards. Below are some of the advantages of processing credit card payments for your small business.

Legitimize Your Brand

By exhibiting the logos of the credit cards you can process at your cash register or on your website, you acquire the cardholder’s attention and rouse in them a sense of trust for your business. They trust the credit card brands sufficiently to have them in their wallets, and that trust goes on to the merchants who accept them. Trusting your brand means that they are more likely to purchase from you.

Improve Cash Flow

Electronic transaction processing can help catalyze the credit card payment procedure. Rather than waiting for checks to clear, or 30, 60, or even 90 days for invoices to be paid, funds brought about by credit and debit card transactions are deposited directly into your bank account, typically within 48 hours. Electronic payments definitely allow faster payment cycles, which then produces improved cash flow and decreased billing overhead – an essential benefit and welcomed relief for any small business.

Lower Costs

Applying PCI compliant credit card processing features that have security features may have more expensive upfront costs, but in the long term, these features allow merchants to save a huge deal of money. Compromised customer data not only brings about terrible loss on the consumers’ part, but merchants also are required to pay excessive fines. Observing PCI DSS standards helps keep both merchants and customers safe from fraud.

Fast Transactions

Transactions are faster particularly if your e-Commerce shopping cart is furnished with a ‘One-Click Buy’ function. This means that not only you will save time; your customers should be able to fill one form upon registration and then being purchasing immediately by clicking the “Buy Me” button on your website without the bother of re-filling credit card information forms. Visa, MasterCard, etc. e-Commerce merchant accounts have to able to process any type of Visa and MasterCards, together with many more other credit card brands (depending on the position and terms of the processing bank). It is essential to be able to process all your credit card holding customers, no matter if their credit card brand is a rare one.

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