You’ve heard it said that your business benefits when you start accepting new types of payments. But how exactly does that work? It isn’t magic; simply put, credit card payments are another way for you to connect with your customers, and when you’re better connected to the customers, the heart and soul of your business, you thrive. That being said, it makes business sense to go with the best credit card processing for small business that you can find.
But first, what happens to a business once they finally start accepting credit cards?
While the most common type of payment does vary from business to business, one general principle remains: the more variety of payment options you’re able to provide, the more customers you are able to service and reach. True, for most, payment type isn’t the main factor when choosing a lunch place, café, or shoe store; but it is a factor. Particularly, over the long term, it’s important for your business to construct a brand image that comports with the latest payment technologies. Accepting cards is really just the beginning of that.
As we mentioned, shopping patterns differ in different types of businesses. Still, a general truth is that card transactions tend to be bigger, and it’s easy to see why that is. Most customers tend not to carry around huge sums of cash due to the liability. That means the maximum that a cash carrier is likely to spend in your store is less than a card carrier, who essentially has access to their entire bank account. As a business, you can capitalize on this by presenting products in your store in attractive bundles, or else having an ‘impulse buy’ section near the register, where smaller last-minute purchases may be snatched up.
It’s important to accept as many payment types as possible, we should note that your customers will have a more enjoyable checkout if they can use the payment type that they want without impediment, whether that be NFC payments from their mobile wallet, their chip card, or good old-fashioned cash. It also doesn’t hurt if the point of sale technology is well-designed and functions with ease and even a little style. The payment transaction is often the most personal interaction you have with your customer. Make sure it leaves a good impression!
Finally, for your benefit, make sure you’re using the best credit card processing for your small business. If you’ve dragged your feet about accepting cards, odds are the fees have been foremost in your mind. Moolah makes transparency our biggest concern, offering you competitive pricing, with no hidden fees and no contracts to bind you down. Any way you look at it, it’s a good business decision.