When a consumer is looking to make a purchase, they expect a certain level of professionalism, security, and trust from the merchant they decide to do business with. Consumers also understand that by paying by credit card, they’re adding additional layers of protection to their purchase.
Standard Benefits of Accepting Credit Cards
Credit Cards Increase Sales: An increasing number of people use credit cards for convenience, simplicity and impulse purchases. If your business has a merchant account, you automatically extend your customer base, perhaps even worldwide with e-commerce. It’s also much easier to up sell someone paying by credit card vs. cash or check.
Credit Card Terminals and E-Commerce Solutions are Reasonably Priced: Basic merchant accounts include affordable terminals that are easy to set up and require only a phone line and receipt roll. There are also plenty of basic e-commerce solutions available for nominal monthly fees.
Fees for Accepting Credit Cards: Credit card processing companies take a percentage of every merchant sale processed through their merchant account, but it varies based on the type of card and how it is processed. It’s best to verify all rates before committing to a contract. You’ll also want to ask if they require you to sign a long term contract and/or change an early termination fee.
Added Protection from Frauds and Scams: Card companies have protection programs and security measures to help reduce fraud via card theft or loss. Payments can be stopped by a consumer, merchant or a payment processor, and the card canceled or changed. This is a great advantage over cash that is difficult to retrieve.
Cardholders understand that if a change shows up on their credit card statement they did not authorize, they can dispute it and in most cases will get their money back. Most also understand they can dispute a transaction if the product or service does not live up to their expectations and the merchant is unwilling to resolve the problem. This last point is really important when it comes to online credit card processing transactions since the consumer is not face to face with the business or their product/service.
In today’s competitive business environment, it’s critical you provide your customers with convenience, security, and trust. Having the ability to process their credit card at checkout is a big step in that direction.