If you are running a small business and are contemplating whether you should start accepting credit card payments, this article will help you to make the final decision. I’ve outlined a few pressing benefits of making the jump and this can help you to validate your decision. The benefits of choosing to accept credit card payments will affect both your business and your customers. When your customers are satisfied, your business can be a success.
In the past, it was not possible for small businesses to be able to accept credit card payments as the terminals were limited to physical business locations only, which didn’t work for many small businesses which used to work off-site as well.
With tech advancements in the recent years, there are new options that are available, that provide mobile credit card payment processing using an EMV Card Reader for small businesses. They are both fast and secure at the same time. SumUp is one such company in this sector, providing card accepting mPOS systems. This technology improvement has made newer payment options available to small business owners as well, However, you need to take the plunge to improve your bottom line.
#1 Convenience for Customers & Businesses
A good number of customers nowadays are carrying their cards with them to make their payments. There is a major shift to a cashless society around the world. Credit cards are the most convenient way to pay for anything. Accepting credit card payments is a matter of convenience for the customer and for you as the business owner. I say the business owner is benefited as well, because customers will be more willing to use your services when you have multiple payment options, which are convenient for them. You will now have to face fewer customers who need to run to the nearest ATM to get cash to complete the transaction.
#2 Increase the Cash Flow of Your Small Business
Many small businesses face cash flow concerns as they are waiting to receive their payments from customers. You will see that when you offer your customers new options to pay using their credit card, you will be seeing a lot more customers who are willing to pay right away. As a result of this, your cash flow concerns will reduce as you are now collecting earnings a lot faster than before.
#3 Reducing Bad Debt
By improving your customers’ convenience and options to pay you, you are more likely get paid. This is in relation to the previous point. When you are sending out invoices after your work has been done, you are less likely to collect all your money owed by them. With the latest payment processing systems, this is no longer the case. Once the task is done, you will be able to hand over a mobile card reader to your customer and have them pay right away with their credit card. This strategy is possible only with mPOS systems and can reduce bad debts tremendously.
#4 Saving Money for Business Owners
The purpose of every business is to make a profit, and you will find that you are well on that track with your business when you accept credit card payments. You will be required to mail out fewer invoices compared to the past, saving postage fees.
As it is evidently put forth in this article, there are so many benefits to your small business when you decide to accept credit card payments from your customers.
I hope this article was useful for you to learn more about the importance of accepting credit cards payments from your customers, its advantages and benefits as well. I hope you realise how it can be beneficial to your business. If you have any doubts with regards to this, let us know through the comments and we will be glad to help you out. If you have any suggestions regarding how we can improve the article, let us know them through the comments as well for us to improve.
Do you have any other concerns about using mPOS systems? What are the other tools and strategies you use in your business to improve the convenience of your customers? Let us know through the comments.