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Why Your Small Business Should Accept Credit Card Payments

As a small business owner, you might be reluctant to accept credit card payment from customers because of the added transaction fee. While fees vary, it’s not uncommon for businesses to pay 1.5% to 3% per credit card transaction. Cash transactions, on the other hand, won’t charge your small business a fee. With that said, accepting credit card payments is typically worth the nominal cost of transaction fees for the following reasons.

Why Your Small Business Should Accept Credit Card Payments

Increases Credibility

Customers will view your small business as being credible and legitimate if it accepts credit card payments. After all, there aren’t many small businesses — or large businesses for that matter — that only accept cash payments. Most businesses now accept multiple forms of payment, including cash, credit cards and even mobile payments.

Allows Online Purchasing

Embracing credit card payments allows you to sell products and services online. Many consumers prefer purchasing products and services online rather than locally. From the comfort of their own home or office, a consumer can browse your small business’s website and purchase his or her desired product or service. For this to happen, though, your small business must accept credit card payments. Consumers can’t pay for products or services using cash over the internet.

Most Consumers Don’t Carry Cash

Even if you only intend to sell products or services locally (not online), you should still consider accepting credit card payments. Statistics show that fewer than one in three consumers carry cash. If your small business doesn’t accept credit card payments, most customers won’t be able to purchase your products or services. This alone should be reason enough to accept credit card payments.

Easier Accounting

You’ll have an easier time tracking your small business’s revenue if you accept credit card payments. While it’s possible to track cash transactions, credit card transactions are easier to track because they create a digital paper trail in their wake.

Saves Time

Finally, accepting credit card payments can save your small business time. Sifting through large stacks of cash is tedious and time consuming. With credit cards, however, you won’t have to handle any cash. The customer can swipe his or her card, at which point your small business will receive payment.

This article was brought to you by Intrepid Private Capital Group – A Global Financial Services Company. For more information on startup and business funding, or to complete a funding application, please visit our website.

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Intrepid Private Capital Group • September 12, 2019

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