Businesses that are cash only can greatly benefit from accepting credit card payments. Some people shy away from accepting credit card payments fearing that the process will be difficult or expensive. There are many credit card processing companies, and with a bit of research you will be processing credit cards with top notch PCI compliance companies.
One benefit for companies that accept credit cards payments is the ability to sell online. With online credit card processing options you can greatly expand the market reach of your business. An online merchant service will help not only with collecting payments but can assist with billing and invoicing as well.
Businesses that want to start accepting credit card payments should consider accepting as many types of cards as possible. Although the fees assessed by some credit card companies can be more expensive, the offset of additional sales by those card holders can make up for these fees. By accepting credit card payments you can increase your sales. Most people do not rely on cash anymore and many people do not carry more than a few dollars at a time. By accepting credit card payments you will not only make your customers happy, but studies have shown that consumers shopping with plastic spend more than their cash carrying counterparts.
Accepting credit cards can mean less trips to the bank by business owners for deposits. Any time saving measures are welcome with most busy business owners. Consumer studies have found that shoppers with credit cards not only buy more, on average, they also buy more impulse items. As a small shop you can also get a leg up on the competition by accepting credit card payments. If surrounding businesses or your competitors do not accept credit cards or all types of cards you have a chance to nab their customers who may not have cash but are still looking to shop.