Boosting Business with New Payments Part 1: Credit Cards


Many business owners have concerns around accepting plastic cards, especially when it comes to costs and picking the right processor. We want make it easy and share how accepting credit and debit cards can enhance your business.

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Accept credit and debit cards will reduce costs and increase your sales. The following information will showcase the true value of taking cards and help you make an informed decision about credit and debit cards for your business.

1. Get Paid Faster

By taking credit and debit cards, you’ll have access to your money much faster than with a cheque. Taking a cheque can mean waiting 30, 60 or even 90 days to receive a payment. In those cases, you still need to send an invoice out, deposit the cheque once it comes and wait out the bank’s holding period. 73% of businesses say that taking credit and debit cards has improved their cash flow because payments are immediate.

2. Reduce Your Costs

What most businesses don’t realize is that taking cheques have their own costs, most of which exceed the costs of taking plastic cards. Taking plastic cards can save you time and money with less paperwork and no need to chase after un-collectable payments.

When taking a cheque, your costs can come from:

  • Billing labor and invoicing
  • Cheque processing fees
  • NSF fees
  • Write-offs and collection costs

3. Increase Sales

Most people don’t leave the house without at least one plastic card on hand. Whether it’s Visa, MasterCard, Amex or Discover, they have one. If you’re a cash and cheque only business, you are loosing out on sales simply because you don’t take plastic cards.

Did you know 66% of in-store transactions are made with a credit card?

4. Enhance the Customer Experience

More people prefer the ease of use with credit and debit cards. The convenience of accepting card payments creates an ideal experience for your customers. Not only will it create a better experience, it also helps you reduce line-ups and wait times. When customers face the notion of waiting longer than five minutes in line they are more likely to abandon their items and leave.

By accepting card payments, you’re giving your customers another way to pay that is quicker and more efficient. This will help build your business, strengthen existing relationships and draw new customers.

5. Be Competitive

Accepting credit and debit cards will give you the edge you need compete it the market. It will attract new customers to your business and with the latest technology you can get ahead of your competition.

Taking Cards Opens You Up To New Payment Options

Accepting cards doesn’t mean you’re limited to a traditional terminal. There are new payment options available to you, ones that can increase your sales and take your business to the next level.

Studies have shown that when people have more payment options, they are more likely to make a purchase, join a loyalty program, and spend more per purchase.

Taking credit and debit cards is just the first step. Learn more about new payment channels by downloading our guide: The Merchant’s Guide to New Transactions

 

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