Why have merchant card services at your business? Here are four reasons

Numerous small business owners wonder if they should have merchant card services acceptance capabilities.   Accepting credit cards is not inexpensive, it can run over 2% of overall sales,  the benefits can easily outweigh the costs. The following are 4 reasons that your company should get set up to accept cards today:

1.  Consumer spending is higher with plastic. Clients who use credit cards normally spend 30-50% more per transaction than ones who use only cash.  So while it may cost you a few percent to run the transaction – the average sale is so much higher that it more than makes up for it.  The business will actually end up well ahead of where they were before the started accepting credit cards.

2.  You need good credit to have a credit card – therefore you have more spending power. It is pretty obvious when you consider who can get a credit card in todays economy.  People who have  a credit card are  going to be able to spend more money then cash only clients.  You, as a small business owner, need to cater to these clients – they are the ones who can afford your most expensive products and in turn can keep you in the black.  If you do not offer them the ability to spend their money, by having merchant card services available, then they will not shop with you.

3.  All transactions will be deposited by the next morning.  Nobody wants to wait for their money.  If you take a lot of checks you need to wait for them to clear the bank.  Offering your clients payment terms can help bring in more clients – but how do you know they will actually end up paying you.  The lowest risk payment for a small business owner is to process credit cards.  If the card holder cannot pay their bill the business owner will still get paid.  All you have to do is run your cards, close your batch, and the funds are there the next day – every day – reducing your risk and easing your financial burdens.

4.  No costs to start accepting cards. Small business owners no longer have to spend a ton of money to set up a merchant services account!  Many times there is going to be no cost out of your pocket – you can even get a free credit card terminal!  The only barrier to entry is now gone!

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