Cash and checks are continually becoming less common and much less together with your visitors, while credit and debit card payments, and online payments are gaining in popularity.
1 – Accept Credit Cards
Some of the main benefits a merchant account can bring is the capacity to accept debit and credit cards. Credit cards and debit cards continue grow in preference among customers, gaining ground as the new ‘norm.’ Businesses who prioritize their customer experience often find that by simply eliminating any friction in the payment or buying acceptance procedures will help get new clients and enhance cash flow.
2 – Increase Sales
Various studies[i] and research over the years have found that customers spend more when given the choice to utilize credit cards over cash. Actually, research from Community Merchants USA noted that in one survey, sponsored by Intuit, 83% of small businesses that accepted credit cards saw a growth in sales.[ii] This increase could directly impact sales and overall growth of your organization.
3 – Better Cash Management
Moving to online payments and taking credit cards streamlines the way your business manages trades. As opposed to counting cash, electronic payments will help you stay organized and allow for better cash flow management and forecasting.
4 – Avoid Bad Checks
Through the use of merchant account services and taking electronic payments, your company can prevent the hassle and costs related to bounced checks. Additionally, paired using an entire payment system your merchant account can give you the ability accept recurring payments for services which you provide on a repeat basis (categories, landscaping, cleaning, etc).
5 – Customer Benefit
Whether it’s with credit or debit cards, online payments via recurring charge, mobile payments, or a shopping cart for your own services, your customer will enjoy their experience along with your company when they are able to shop how and when they want—with ease.