Can Your Small Business Afford Not to Accept Credit Cards?

Small businesses arent always eager to accept credit cards
and online payments. The merchant account fees can mount up for a
small company, the new regulations can be confusing, and some small
businesses would rather avoid it. Realistically, credit cards are
an essential part of business now. Fewer customers use checks,
debit cards are more common than cash for younger customers, and
nearly all businesses now need to be able to accept payment online.
This is a good thing, really. If youve been avoiding turning to
online payment processing, consider these facts: Online payments
can save you money. Some estimates have found that physical billing
can cost up to three times as much as online payment processing.
Businesses like the convenience of being able to pay with a credit
card and track all their expenditures in that way. Online payments
are also more secure than payments by check; fewer people have
access to the data with a secure payment gateway than with a
physical object like a check. Multiple studies have shown that
people spend more using credit cards than they do with cash or
checks. Want to increase the average transaction at your
website? Accept credit cards. Get a faster turnaround on payments.
This helps your companys cash flow and reduces time spent on
collection efforts. Fortunately, customers are also more loyal to
companies that offer them the option of paying online. The
convenience is perceived as a benefit in and of itself. Credit
cards are a greener choice. Let your customers pay with credit
cards through a secure payment gateway instead of by responding to
a paper bill with a check, and you can reduce your companys carbon
footprint significantly. Choosing the right merchant services
provider is the key to getting a good return on your investment
when it comes to credit card processing. Merchant Perfect, a
merchant services provider based in Miami, suggests comparing not
only the fees certainly a key criterion for choosing a provider but
also the services included. Sometimes small businesses look only at
the start up costs and dont notice the range of add-on fees a
provider will charge as the business grows. Seeking a provider with
the level of service you expect to require can help the small
business avoid costly and inconvenient changes in the
future.