Top Reasons Why Your Business Needs Credit Card Processing
How Accepting Credit Cards Can Increase Your Sales and Cash Flow
Credit card processing is something that every business must consider at some point. It can be a tough decision if you have an all-cash business that hasn’t had a need for extra equipment or processing fees.
But ask yourself: how much money is actually being lost? How many potential sales are you giving up if you don’t have an option for processing?
Plenty of studies have shown that consumers will spend more when they pay by credit card instead of cash. And all it takes is one increased order to cover the fees from CC processing. So, while you consider how the charges you will pay forcredit card processing will affect your bottom line, it’s important to realize that many people prefer to pay by credit cards and others simply have to for business purposes.
How Can Credit Card Processing Increase Your Sales?
It isn’t simply about deciding if using credit cards is worth the cost, it’s deciding what the cost will be if you don’t accept credit cards.
Take the first step and discuss the fees with a reputable and established processing company that offers a solid value for their service. TIP: You have a better chance of saving money and reducing hassle with a payment processor that offers everything from the merchant account through equipment and processing.
Read on for other advantages merchants enjoy with credit card processing.
Businesses Benefit With Credit Card Processing
Credit card usage is on the rise after a decline resulting from the poor economy. According to CNN Money, purchases made with credit cards rose 8.2% in the first quarter of 2011 with another rise by 9% in the second quarter and a 10.6% increase in the third quarter.
How can your business benefit by accepting credit cards?
- Get your money faster
When your customers are able to make a credit card payment, you don’t have to wait for invoiced payments to arrive or checks to clear at the bank, and you eliminate hassles with bounced checks.
Bottom line: you get your money faster. Remember, though, processing companies oversee your money, so be sure to choose one with experienced professionals who are available 24/7, knowledgeable about merchant services and offer the highest level of customer support.
- Increase profits
The sooner you start accepting credit cards, the quicker you will see profits rise. That’s because you’ll be appealing to a wider customer base and opening the door to those who prefer to use credit cards as well as those who have a shortage of cash at the time of purchase.
The good news: it doesn’t take long to get processing in place with same-day merchant approval and set up in 24 hours.
- Reduce overhead, increase cash flow
A customer who doesn’t pay on time—or at all—costs business owners more than the money owed to them. It takes additional staff time to follow up on past due accounts and it reduces cash flow. Give your customer the ability to make a credit card payment instead, and your bad debts will decrease while cash flow goes back up.
Tip: Make sure you understand all of the options available to merchants for processing credit cards and select the one that will make it easiest for your customers to pay on time.
- Small business doing business like a large company
Reputation is important in staying competitive in any business. For a long time, only large companies could get approved for a merchant account to accept credit card payments. These days, it’s inexpensive for any size business to offer processing, which allows even a mom-and-pop business to offer the same payment options as a corporation.
Important: It’s critical that you align yourself with reputable processing companies like BankCard USA, which has decades of experience in payment processing for thousands of merchants.
Fraud-Prevention Methods A Card Processing Company Must Have
For years, online merchants have been losing billions to fraud, according to electronic payment and security management provider CyberSource. Make sure the payment processor you choose is well-known company with a proven track record for fraud prevention. A trustworthy company, like BankCard USA, places the utmost importance on security, fraud control, risk management and chargeback prevention.
How your credit card company should help you with fraud prevention:
- Reduce and prevent authorization and chargeback fees; minimize fraudulent transactions that could lead to inventory loss.
- Customizable fraud detection settings according to your unique business needs.
- Restrict transactions from specific Internet Protocol (IP) addresses
- Provide an intuitive setup process with step-by-step instructions
Fraud prevention not only protects the merchant but the customer as well. Customers have gotten much more savvy with where they will use their credit cards, which is why BankCard USA Credit Card Processing offers built-in fraud detection tools.
Credit Card Use is on the Rise
“Purchases made with credit cards rose 8.2% in the first quarter of 2011, 9% in the second quarter and 10.6% in the third quarter, according to First Data.”
Source: CNN Money
Increase Your Sales Opportunities By Accepting Credit Cards.
A business that accepts credit cards has more opportunities for sales. While there are costs involved, the fees you’ll incur from a payment processor are often far less than the cost of not accepting credit cards. BankCard USA guarantees the lowest rates possible and will set you up with one of its several options for credit card processing. (NY Times)
A name you can rely on: BankCard USA is trusted by thousands of merchants and the biggest names in the payment processing business – Sage and First Data Corporation, which process over half of all bankcards worldwide.
Call 1-800-589-8200 to learn how to get a same-day setup of your own credit card processing system.