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The Value of Small Business Expanding Payment Options
The other day we were reading about stylish, handcrafted Japanese sunglasses that sync to your smartphone via an app that alerts you if you leave your sunglasses behind. The future is here, ladies and gentlemen. However, even in the age of the modern marvel, there are many small businesses that do not have a website and do not accept electronic payments (both of which are vital). Some entrepreneurs and small business owners only accept cash and check, leaving them behind their competitors in a market where every bit counts. Whether your business provides people with a service or provide a product in a brick-and-mortar shop, there are many easily integratable electronic payment options, and even more reasons to expand your payment options.
Accepting credit and debit cards can increase your revenue by 23 percent, according to industry research. Options are key for many shoppers and limiting those options only serves to pigeonhole yourself. You’ve applied a lot of time and effort to creating your business, converting a potential customer to a sale, and now you may lose out on that revenue because the customer isn’t carrying cash at the moment. Adding convenience to the customer experience is never wrong. This may also earn your business a higher customer service rating, as people like the speed and flexibility of credit card payments, and they are more likely to return. After all, the credit card is the most used form of payment.
Greater cash flow and lower cost
Many businesses accept cash and check, depending on the industry and business model, but have been slow to adopt credit card processing, which is actually a great way to speed up cash flow. Checks can take anywhere from 30 to 90 days to process and clear, but credit card payments are instant. Improved cash flow from faster payment cycles leads to lower billing overhead and less time spent managing accounts payable. Processing checks simply takes more time and costs more.
Increase individual sale amounts
Industry research indicates that customers that pay with credit cards typically spend 20 percent more than when paying with cash or check. The exact reason for this hasn’t been nailed down yet. There are a lot of theories, one of which being that not holding physical cash lets people feel more liberated in their spending. However, you’ve used a credit card before - it just provides greater financial freedom.
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