As time goes by, cash and check payments are falling by the way side while more and more people turn to plastic payment methods. If you operate your own business and you don’t yet accept credit or debit card payments, here are a few reasons you may want to consider establishing of a merchant account.
1. Expand your business – With so many people preferring to pay with plastic, it can be a hassle for customers to be required to pay by cash or check. Requiring paper payment restricts customers to the amount they are carrying in their pocket. This limitation can also limit sales since people don’t typically carry much cash, may or may not carry the checkbook around, and don’t care for the hassle of either. Accepting credit and debit cards decreases customer hassle and increases customer spending potential.
2. Provide payment security – Many customers appreciate the security that comes with credit or debit payments. The customer knows that the payment can be tracked and proven, and the business knows the payment is good. Both sides benefit in a plastic world.
3. Track payments – We’ve already mentioned the fact that the customer can enjoy the benefits of a paper trail when they use their card, but the business can similarly benefit in the paperwork area. Bookkeeping can be a long and arduous process. But with a merchant account, most places will offer a system to help you keep track of your account details.
4. Decrease cash flow – If you as a business only accept cash or checks as payment, you will likely have large amounts of cash to count, keep safe, and run to the bank on a regular basis. Allowing customers to pay with credit or debit cards reduces the amount of cash you have to deal with at the end of the day, decreasing the several potential problems.
5. Increase impulse sales – People tend to buy more when they can do so on impulse. Whether browsing through your brick and mortar store, or shopping online, if a person can easily swipe their card and make a purchase in seconds, they are more likely to do so. Meaning your sales will increase over time.