If your business only accepts cash or checks, you could be missing out on a lot of revenue from other sources. Currently, credit and debit cards are the most popular way for consumers to pay for goods and services, and there aren’t very many people who don’t use this convenient payment method. In order to get this service, you need to choose a credit card payment processing provider that can offer you great rates and simple service.
Thinking of expanding your business to allow for transactions with credit and debit cards? If you’re unsure, here are some reasons why you may want to consider these types of payments.
1. Most people use them. There are so many credit cards in circulation through the U.S. and the entire world. In the United States alone, there are over 500 million Visa cards. In Canada, there are over 76.3 million Visa and MasterCard cards combined being used today. They are especially popular with younger people, with between 76% and 84% of college students in the U.S. using them (depending on current research estimates).
2. They’re good anywhere. If you decide to begin offering your goods and services online, for example, you’ll be prepared to accept credit and debit cards. Online sales, or eCommerce, is a thriving industry. In 2012, North American sales on the internet reached almost $390 billion!
3. There’s plenty of technology to help you with this process. Gone are the days where accepting credit card payments meant being hooked up to a terminal and needing to be wired to the internet. Today’s mobile payment processors are inexpensive and easy to use as long as you have WiFi. They can move transactions along more smoothly and be a great alternative to having multiple wired terminals throughout a shop.
In today’s economy, not accepting credit cards can be seriously detrimental to your business.