As a new
business owner, you probably started out accepting cash and checks but not
credit cards. Or if you have a business online, you might have accepted PayPal
but no other payment options.
As your
business grows, you will have more people asking for more varied payment
options, and as your budget allows, you should expand to offer as many
different payment options as you can.
Paying with
credit cards and debit cards is becoming very popular. You might be hesitant to
accept credit cards because of all the fess associated with them, but the truth
is you might make up the cost of the fees in increased sales.
People are
likely to spend more when they are using plastic and to make more impulse buys
than they would if they were paying with cash or a check.
In addition
to accepting credit cards, you should also get a payment processing device that
allows you to accept debit cards, meaning it has a keypad on which customers
type their PIN numbers. Many people like using a debit card because it's faster
than writing a check but still makes them control their expenses since the
money is coming right out of their bank account.
Accepting
debit cards is great for you as well because you know the customer has the
money if the debit card payment goes through. The fees are also lower when
accepting a debit card transaction than they are on a credit card sale.
These days
customers want flexibility. They, just like you, are busier than ever. There
are a lot of people out there who never carry cash and who hate to write
checks. If you don't offer a credit card or debit card option, you've lost a
sale -- potentially a lot of sales.
Opening up
to different methods of payment will make your customers happier and bring you
more profits. It doesn't have to take a lot of time or money to get set up with
a merchant account, and once you do you'll wonder why you waited for so long.
Some payment processing companies even offer free equipment and have very
competitive rates that mean you'll get to keep more of your money and put it
back into building your business.
Having
a merchant account is part of the price of doing business in the 21st century.
Do some research about the different payment processing options and move
forward on accepting credit cards as soon as you can. You'll be glad you did.
