Running a business can be exciting, frustrating, rewarding, and challenging, all at the same time. However, one thing that your business does not need to be is inefficient. Outdated business practices, lengthy procedures, and insufficient technologies can all take their toll on how productive a business is. When you move forward and accept credit card payments, your business will become more efficient in three distinct ways.
It will save you time at the register.
Consider how much time it takes for someone to swipe their credit card, as opposed to how much time it takes to do the following:
- First, notify the customer that you only accept cash and check.
- Second, wait for the customer to put away their credit card and start looking for either of the remaining payment options.
- Third, either wait for the customer to fill out the check, or go back and forth with taking money, returning change, and having the customer double check that they got the correct change.
When you accept credit card payments, there is no stress surrounding the transaction, and you will also be opening up your business to a broader revenue stream. After all, 52% of all payment volume worldwide comes from Visa card accounts. Consider also that about 76% of college students in the United States had credit cards in 2012. Having a card payment terminal does not mean that you can’t still accept cash or check, so you need not worry that you will lose out on any business.
It will save you time behind the scenes.
When you start to incorporate card processing solutions into your business, you might find that reporting, taxes, and record keeping are more digitized and organized thanks to the technologies available from credit card processing providers. If your office is overcome by loose papers, confusing accounting books, and an overwhelming number of receipts, then it may be time to talk to a payment processor about how accepting credit card payments will make things easier.
It will save you time if you work with vendors.
Being able to accept credit cards is not only a benefit that is realized by retail and hospitality businesses. If you need to accept payment from vendors, then you likely already know that it might take months to get a check, no matter how large the notice on your invoice is that payment is expected upon receipt. If you can accept credit card payments online, the back and forth between you and the vendor could be dramatically reduced. While you benefit from receiving payment more promptly from your vendors, you might even save some money with free online payment processing.
In business, the old saying “Time is money” has never been more accurate. In this fast-paced world, your customers are looking for quick convenience everywhere, but especially when they shop. Accepting credit cards will not only make your customers happy, but it could confer additional time-saving benefits that your business desperately needs. Read more here.