For many business owners, the idea of accepting credit cards seems more like an annoyance than anything else. However, it’s not just the ease of use that makes credit cards great payment options—there are also several other benefits to accepting them, including increased payment security and reduced risk of theft. If you’re looking to attract new customers or expand your current client base, setting up a merchant account can help get you started. Here are five reasons why all businesses should accept credit cards.
1) Having a cash only policy hurts employees and customers
Cash only policies hurt both employees and customers. For example, if a customer’s card is declined and they still want to purchase the product or service, they are forced to use cash or a check. This can be difficult if they don’t have enough cash on hand and it also creates a longer transaction time for the employees. Employees
who work in these environments are discouraged from accepting tips because they are not able to process credit cards.
2) Having a cash only policy costs businesses money
A customer who is used to paying with a credit card is more likely to buy from you than a customer who wants to pay in cash. A study by the United States Federal Reserve found that customers were willing to spend up to 18% more when they use credit cards. Not only does accepting credit cards make your business more profitable, it also makes it safer and more secure for your employees. When your employees are carrying large sums of money, there is an increased risk of theft.
3) Customers expect to use credit cards
Credit cards are the new standard in payments and customers expect to be able to use them everywhere. Having a credit card reader can make your business more accessible and will also reduce time spent waiting for change or worrying about what type of payment an individual has.
4) New tech makes accepting payments easy
It’s hard to imagine taking the time to stop by an ATM e you want to go shopping in this day and age. It’s also easy to lose track of how much money is in your bank account if you don’t reconcile your statement each month, and it can be difficult to keep track of a budget when cash is flowing freely in and out of your pocket. When you use credit cards for transactions instead of cash, that problem goes away completely. You’re able to easily keep tabs on what you’re spending as well as make sure all purchases are accounted for. Using Clover, or one of Turnkey’s payment terminals makes that simple. We program, set up, and install these devices for you so they are ready to go. They’re also cheaper than most other options because we take care of everything–including maintenance and support.
Credit cards are a fast, easy, and convenient way to make purchases.
Whether you’re a plumber or an accountant, credit card transactions can increase your revenue and customer satisfaction while minimizing the chance of theft. Plus, it’s never been easier to process credit card transactions–customers will sign on their own devices and you’ll know instantly if there’s a problem with the transaction. So what are you waiting for? Sign up now with Turnkey and learn why we have 5 stars across Facebook, Google and Yelp reviews.