Today's fast moving, technological driven world is quickly moving us towards a cashless society making the acceptance of electronic payment options practically a necessity as it is the preferred method for many. Not doing so can hinder your business' growth and may even cause you to lose customers.
Consider this scenario, a customer comes into your business to shop and when they go to check out, they find out that you don't accept credit and debit cards. What happens next? A) No problem, they have enough cash (don't most people?) B) They scramble for enough cash and/or may have to put some items back (not completely satisfied) C) They don't have any cash, you just lost the sale. This customer has left with a feeling of frustration rather than with a good experience. Now, where is that customer most likely to go the next time they need that product or service? If you had accepted electronic payments, not only would you have had a satisfied customer at the time, but the more likely they are to return in the future rather than going elsewhere Therefore, the more payment options you offer, the more competitive your business remains. Following are some of the benefits you should expect with merchant services:
1.Builds Trust and Increases Your Credibility - By displaying acceptance of the familiar brands and logos of Visa, MasterCard, Amex and Discover cards in your window or at your cash register, you are essentially building credibility with your customers since they already trust and use those brands.
2.Boosts Your Sales - Credit and debit cards are the ultimate in shopping convenience for customers. Studies show businesses that accept credit cards see a huge increase in volume... often doubling or even tripling current sales. Not only will you gain more customers through acceptance, but you'll also grab impulse buyers, and have the opportunity to increase the total ticket sale through up-selling as people tend to spend more when using credit cards. The average order size of someone paying via credit card tends to be larger than someone who is paying by cash or check. More customers plus larger orders equals greater profits!
3.Improves Your Cash Flow - Accepting electronic payments has a huge positive effect on businesses cash flow. Even if sales didn't increase (and they almost always do) your business will benefit by having the money from the instantly delivered to your bank account. Unlike accepting paper checks where you have to physically go to the bank to deposit and then wait for it to clear (sometimes a week or more), accepting credit/debit cards improves cash flow by guaranteeing timely and automatic deposits into your business account.
4.Enlarges Your Customer Base - Many merchant service providers have a variety of value-added programs they offer such as rewards programs and gift/loyalty cards. We've even created an alternate payment option which helps merchants bring in new customers and increase the sales of their existing customers. It's EPS90 No Credit Check EZ Payment Plan, which offers consumers up to $5k over a 90 day period without a credit check. 5.Enables Globalization - Processing payments electronically extends the companies geographic reach far beyond its brick-and- mortar storefront to anywhere in the world. And credit card acceptance makes expanding your business to remote venues or online easy as well.
6.Provides Customer Support - If a customer's credit card fails to process correctly, your business cannot only lose a sale but will most likely lose that customer as well. Providers usually offer customer services that deal with issues in a timely and efficient manner. As there are many third-party providers in the industry, it's important to use one that has 24/7 customer service and technical support departments to ensure prompt resolution of any problems that may arise.
7.Minimizes Fraud - With today's stringent PCI DSS (Payment Card Industry Data Security Standards) compliance requirements, exposure to security breaches and fraud can be minimized. Most merchant service providers have security protocols in place to keep data safe and secure including the best technology for encrypting and transferring sensitive information. Make sure the provider is PCI Compliant before contracting with them for merchant services.
8.Helps Manage Records - Having a merchant account increases a business' record keeping capabilities, enabling an easy way to track financial transactions and cash flow.
No comments:
Post a Comment