Why Every Business Needs to Accept Credit Card Payments

“Cash is king” is a term that is often used in business. While it is important to have the cash flow for business expenses, you need to know that your customers often don’t want to pay with cash. In fact, running a cash-based business is likely hurting your sales because customers are choosing to shop with competitors who accept credit card payments.

Credit Card Processing is a Necessity

Regardless of your industry, there’s no question that accepting credit card payments is a necessity for your business to survive. Making credit card payments available to your customers will help to boost sales and simplify the shopping process. As a result, it increases the likelihood that people will buy more product and come back again in the future.

The main complaint of small business owners is the cost of the credit card processing fees. Even though you need to pay a percentage of each transaction, don’t overlook the increased revenue that comes by allowing customers to pay with a credit card. Most consumers use credit cards for the majority of their purchases, giving you an opportunity to be available for impulse buys when the person is ready to pay.

Plus, credit card processing enables you to benefit from larger transactions. It’s a proven fact that customers usually spend more money when paying with credit cards, since it’s less painful to hand over a plastic card than it is to have cash in hand.

Why Do Customers Prefer Credit Card Payments?

Why do you need to be sure that credit card payments are accepted in your business? Here are a few reasons why people usually prefer paying with plastic:

People don’t like carrying large amounts of cash due to the risk of theft
Cash is often tucked into a piggy bank for savings
Credit cards offer loyalty points
Added security is available for large purchases
Ease in tracking transactions since everything is recorded on the credit card statement