With the advent of E-commerce, the option of credit card processing has proved to be very beneficial to the small businesses. Today, the most preferred option of payment for the purchase of goods and services is credit card. This payment solution is highly appealing to people. Acceptance of credit card has improved the sales and cash flow of small businesses like never before. The credit card merchant services have enabled small businesses to begin with lesser start-up costs and continued savings.
Credit card payment is the payment processing of the card holder’s account through electronic access. This can be done by either swiping the card manually at the POS terminal or by entering the account details on secured platforms online. Some of the benefits for small businesses accepting credit card are:
Expanded Reach
By accepting credit card payment the small businesses are able to move out of their locality and reach customers everywhere. Setting up E-commerce enables you to reach people at the global level. By adding mobile credit card payment devices, you can conduct transactions conveniently at:
- Trade shows and events
- Fundraising events and charity drives
- Stalls at various entertainment venues.
Increased Security
Small businesses do not prefer to accept checks as they take a long time to realize and receive funds. Also, there is an element of risk if the check is dishonored. By accepting credit cards the transaction is streamlined with instant receipt of payment.
By having PCI DSS certified Payment service provider the transaction is very secure and the customer can feel safe. Another benefit of credit card payment is the reduction in internal fraud as the employees find it difficult to dip into the cash register due to the virtual payment transaction.
Better Monetary Management
As the credit payment eliminates the handling of cash, you are in a better position to be organized and manage your cash flow better and even make forecasts.
Increased Sales
By offering the option of credit and debit card payment to the customers your small business gets more customers. As has been proved from a number of studies, customers tend to buy more while buying with credit cards as against cash. Also, the impulsive buying is higher in case of credit card. All these are lateral benefits to the business ultimately improving volumes of their sales.
Extended Business Hours
Unlike your brick and mortar business, the online portal of small businesses is open for business 24 hours a day and 7 days of the week. Your customer can purchase whenever it is convenient for them. With the busy working youth, this is a very important factor as they find time for shopping at odd hours.
Conclusion
By integrating Credit Card payment processing into their business, the small businesses stand to gain a lot. They not only offer convenience to customers but generate higher volumes of sales, automation of financial transactions results in better organization and streamlined cash flow. Many risks are eliminated like acceptance of checks, carrying cash to the bank, employee’s misuse of cash. The small business is able to reach their customers at the global level by accepting multiple currencies.