Moneris Solutions has a 40-year history as one of North America’s largest merchant payment processing service providers of all forms of electronic payments. We understand that accepting credit cards is more than a simple swipe; it’s about growing your business. Accepting credit cards makes good business sense. Below are seven key benefits that you can receive from accepting credit cards – all of which add up to a smart business decision.
Industry research indicates that the ability to accept credit cards increases revenue by as much as 23 percent. Broadening your scope of payment methods makes your services or products more readily available to current and potential customers. A main benefit of credit cards is that they are convenient and popular for both customers and merchants. Customers have the power to make purchases that they deem necessary even though they don’t have the cash on hand – and they appreciate the option of an additional convenient way to pay.
Electronic transaction processing can help speed up the credit card payment process. Instead of waiting for checks to clear, or 30, 60, or even 90 days for invoices to be paid, funds resulting from credit and debit card transactions are deposited directly into your bank account, often within 48 hours. Electronic payments will enable faster payment cycles, which lead to improved cash flow and decreased billing overhead – a significant benefit and welcomed relief for any business.
Giving your customers another way to pay for their purchases helps boost the average sale. In fact, customers paying with credit cards typically spend about 20 percent more than when paying with cash or check. Consumers generally feel greater financial freedom with their credit card.
With credit card processing, the transaction flow is conducted automatically. Automated acceptance and settlement allow funds from the credit or debit transaction deposited directly into your bank account. By making the payment process more efficient and less time consuming, you do not have to worry about being a payment collection agent. Instead, you can focus on the other aspects of your business and leave payment processing in the hands of your bank or transaction processor.
Accepting credit cards helps streamline operational costs and cuts down on overhead by eliminating the need to send bills and manage account receivables. For starters, it is often less expensive to process credit cards and debit cards than to accept checks. Furthermore, it helps control shrinkage – since the process is automated there is no cash on hand to walk off with.
Credit card acceptance helps improve your customer service. Consumers like the speed, flexibility and convenience of electronic payments. Superior customer service translates into customer loyalty – clients enjoy the option of choosing from a variety of payment options.
By accepting credit cards, you and your company gain valuable creditability in the eyes of both current and potential customers. Once you start accepting electronic payments, you can state that you accept credit cards and include the appropriate card logos and decals at your place of business or on your business cards, brochures, or website.
These seven benefits of credit cards highlight why you should accept credit cards; it makes good business sense. As you can see, acceptance of credit cards can help enhance your customer service, give you an edge over the competition, and ultimately improve your bottom line.
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