Credit Card Payments: How to Increase Revenue by Accepting Credit Cards
There’s no doubt that accepting credit card payments is a perfect way to boost your business sales, improve cash flow, and increase customer experience. No matter the size of your business, the ability to accept online payments is a must-have. Due to the advancement in technology, it’s never been this easy for companies to accept credit cards or other online payment options.
After the detailed analysis, one of the most eye-opening stats that came to light was – small companies that deliver flexible payment solutions to their customers improved their revenue rate by 30%. This is one solid reason to opt for credit card payments; otherwise, the list is quite comprehensive. Overall, you can say that accepting credit cards is a great way to increase your business revenue by approx 30%.
The Importance of Understanding How to Accept Credit Card Payments
With the advancement of payment platforms technology and decreasing cash use, you cannot understate the importance of understanding how to accept credit cards, debit cards, and gift cards for payments. It is necessary to ensure that your business accepts credit cards in order to survive in this industry.
We have noticed a common trend in companies, where businesses that switch from accepting cash-only payments to cash and credit card transactions noticed an improvement in their business revenue by 30%.
Cash payments are simple and great. That’s why it is essential to start accepting credit card payments. The acceptance of credit card payments is linked to the stability and growth of a company. Being open to multiple payment options for your business services and products will help you grow faster. Forget about the development of your company if you don’t accept any other payment method than cash.
Now the question is, if credit card payments are so essential, then why businesses are finding them so complicated. We understand this issue; therefore, we prepared this guide to show business owners what kind of payment options are available.
Choose the Right Credit Card Processor Based on Your Business Type
No matter whether you own a mobile, brick-and-mortar, or online credit card processing method, you will be able to understand what type of payment system will work for your company.
Mobile payment systems are ideal for companies that are in between an offline and online business. If you think you need to accept credit card payments while on the go, adding a mobile system to your payment processing solution can be a great pick. You have two options to pick from, such as:
- Mobile POS
- Mobile Payment Apps
Brick-and-Mortar payment systems are suitable for businesses that carry out most of their business operations in-store. These payments include:
- POS Systems
- Credit Card Terminal
Online payments are best for companies that handle most of their business through an online store or an eCommerce platform. Companies that process most of their transactions online definitely require an online credit card processor. If you want to become an online business, go for an online payment system as soon as you can. When it comes to picking a payment system for online businesses, select any of the following:
- Virtual Terminal
- Payment Gateway
What Makes a Good Credit Card Processor
Whether your business accepts in-store, on the go, or online credit card payments, make sure to pick a credit card payment processor that meets your needs the best. Are you looking for a credit card processor but don’t know where to begin? Here you will find what makes a sound credit card processor:
- A credit card processor must be able to accept cards from all credit card service providers. Cards from a card service provider, such as Mastercard, American Express, and Visa should be compatible with all processors you pick.
- They must put your requirements above anything else. You can guess this through the fees they take from you. Do they charge you a flat rate? Or are they charging you an extra fee? An ideal credit card processor will charge you as low as possible.
If you want your company to increase revenue by accepting credit cards, make sure to choose the right credit card processor that can help you the most. Compare the pros and cons of different systems and decide which one makes the most sense for your company.
So, is your business accepting all major credit card payment options? If not, this is the high time to update and modernize your payment options. Credit card payments are fast becoming the preferred payment option for small companies across the globe. Overall, increase your business revenue by accepting credit cards from customers to process payments.
Besides, make sure your credit card payment processor optimizes PCI (Payment Card Industry) compliance as well. This will ensure the safety and security of your customers’ data and keep your company away from PCI compliance charges.