“Do you take cards?” As a small business owner, either in-shop or online, your answer should never be no. Here are five(5) reasons why it’s a no-brainer for every small business to accept credit cards:
Cash isn’t going away, but people are carrying it around less and less. In fact, a recently released Nilson Report projects that cash and check payment volume will decline by 24 percent and 46 percent (respectively) in the United States by 2018. At the same time, card-payment volume is set to grow by over 50 percent. So if you aren’t set up to accept credit cards soon, you’re going to lose out on a lot of sales.
Checks can take a while to clear. Credit card transactions, on the other hand, are usually deposited within a few business days. Payments taken through VdsPay, for example, are settled 48 Hours of the transaction for Naira Merchants and 3 days for Foreign Currency Merchants
People want convenience. And if shopping at your website means a trip to the Bank, they may skip you over and opt for the competition. Accepting credit cards will ensure that you have the best customer experience possible — which will make people more likely to recommend your business to friends.
It’s important to show customers that your business is legitimate. And that’s especially true when it comes to accepting payments. If you have logos at your website of all the major cards you accept, that’s likely to instill a sense of trust with people. There’s also an increasing association with cash-only businesses as sketchy, so not accepting credit cards could actually hurt your brand.
When you accept credit cards, you wont have to publicly display your financial information such as your bank account number to your customers. Your financial privacy is secured when you accept credit cards.
Start Accepting Credit/Debit Cards today: