First Off, People Tend To Think That Businesses That Don T Accept Credit Cards Are Unprofessional

Category: Finance, Credit.

Most people these days expect to be able to pay with a credit card, whether they are at the local gas station or working with an independent service industry person who runs a business out of his or her home. First off, people tend to think that businesses that don t accept credit cards are unprofessional.

If you are a business owner who has been reluctant to accept credit cards in the past, you need to understand how important it is to accept credit cards and how it will help your business. It s a silent message to your customers or clients that you don t take your business seriously enough to pay the application fee and other fees associated with payment processing through credit cards. Most people don t carry cash anymore, and they might not always have a checkbook with them, but you can bet they always have a credit card, ATM card or check card in their wallet. Further, customers might be annoyed by the fact that you don t accept credit cards. Make it easier for your customers by accepting the payment method they always have on hand. Instead of having to type up an invoice, mail it, print it out, wait for a check to arrive, drive to the bank and cash the check, all you have to do is run a credit card payment. If you receive payments through invoicing clients, accepting credit cards is much more convenient and will save you time.

If you add up the time and expense in terms of supplies and postage of billing in this way, you ll see that your merchant account fees are lower than the amount you spend to send invoices. When people know they can use a credit card and still pay over time, they will choose that option and you ll get your money faster. Another advantage for you when it comes to accepting credit cards is that it can help get some of your past due accounts cleared up. This gives your business a better profile because it means you have less bad debt on your accounts and a higher cash flow. Giving people the option to pay with a credit card is always a good idea, and it may actually increase your sales as people who never carry cash and hate to write checks will visit your business more often. Even if a lot of the sales at your business are small, you d be surprised how many people will charge$ 5 for a cup of coffee and a bagel or a sandwich and drink. It pays to take the time to consider accepting credit cards.

Weigh the costs of a merchant account against the amount your sales or cash flow might increase and you ll likely find the fees don t make credit card processing too expensive after all.