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5 Ways Credit Cards Can Accelerate Your Small Business

By: Jaimie Yun

 

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Hesitant about accepting credit cards? Don’t be. They’re a fabulous way to boost your sales and grow your business.

 
Here are 5 reasons you should consider accepting credit and debit card payments from your customers, whether it’s in your brick-and-mortar store or online.
 
1. You Attract More Customers. I, personally, rarely carry cash. So if I visit a merchant who doesn’t accept cards, I’m forced to shop elsewhere. And I’m hardly alone: 40% of people carry $20 or less, while 9% don’t carry cash at all.
 
Are you missing out on potential business? If you don’t accept cards, you are.
 
2. You Get Paid Faster. This is especially relevant for you consultants and freelancers out there who wait patiently by the mailbox for your accounts receivables. Oh, that check got lost in the mail? Too bad. 
 
Accepting credit or debit cards online means much faster payment processing. And you can always track payments easier than you can checks.
 
3. You Give Customers Options. If your products or services are on the high end, people don’t always have the cash to pay for them, and prefer to put the purchase on a credit card. Accepting cards in person, as well as accepting other forms of online payments like Paypal, gives your customers flexibility in how they buy from you. And people like having options!
 
4. You Keep Cash Flowing. You have your own bills to pay, and if you’re waiting to receive payments from your clients, that can clog up your ability to manage your own finances. Offering easy credit card payments online keeps your accounts receivables flowing, helping you take care of your own payables on time.
 
Given that 90% of small business failure is attributed to cash flow issues, isn’t that reason enough to accept credit cards and keep that money flowing?
 
5. You Seem More Legitimate. Sure, you’re just as legitimate a business, whether you accept cards or not, but the perception is that if you accept credit cards, you’re more professional and “real.” And hey, who are you to argue with your customers’ perceptions? After all, they’re what shape your business.
 
The last thing you want is to seem like a fly-by-night operation that people don’t trust. It’s amazing what putting that little sticker with credit card icons can do to instill confidence in people about your brand.
 
Once you realize all the benefits that accepting debit and credit cards can bring your small business, the sky’s the limit to how big you can grow!
 
Published: June 19, 2014
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Jaimie Yun

Jaimie Yun has more than 15 years experience across financial sectors of public accounting, corporate finance and more. She is on the advisory board of PayDemand.com, a credit card processing marketplace that allows businesses to compare multiple credit card processing rates and get the best offer while remaining anonymous to processors. Connect with Jaimie on Google+ and follow PayDemand on Twitter.

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