Success Tip: The Benefits of Credit Card Processing
How accepting credit and debit card payments with PaySimple is good for your business.
No matter what industry you serve, accepting credit cards online and in-person is a guaranteed way to grow your business. With nearly 191 million cardholders in the United States, accepting credit card payments is a low-cost investment in your business that pays for itself by increasing your customer base, expanding revenue and securing faster cash flow (US Census Bureau, 2020). When you process credit and debit cards with PaySimple, you will experience the following benefits for your business:
Build Trust & Convenience
Accepting credit card payments is an easy way to establish your business as legitimate. By displaying your name and logo with those of the major card brands on your register or business website, potential customers will associate your brand with security, trust and convenience.
According to Creditcards.com, approximately 75% of all consumers prefer to make payments with credit and debit cards over any other payment method. Because consumers feel the most secure making credit and debit card purchases over other payment methods, they often make larger, more frequent purchases than they would when limited by the cash in their wallets or funds in their checking accounts.
Card payments are more convenient and secure than traditional payment methods, and consumers prefer to earn rewards points with their purchases. As such, offering debit and credit payment acceptance attracts more customers to your business and boosts sales.
Get Paid Faster
Credit and debit card payments fund 80% faster than ACH. They do not require trips to the bank for manual deposits or in-person exchange, which drastically improves cash flow and frees up staff resources for more important tasks. Insufficient funds and bounced checks add days, if not weeks, to your funding time. When you accept credit and debit cards with PaySimple, payments are immediately authorized and deposit into your account within 48 hours. Unlike cash and check payments, card payments can be accepted 24/7 online and deposit automatically, meaning you can get paid outside of business hours with minimal effort.
Do your competitors offer the convenience of credit and debit card payments to customers? Since cardholders are more likely to make purchases from businesses that accept credit cards, it is important to take advantage of the competitive edge card acceptance provides for your business.
Protect Your Business from Risk
Cash-only businesses can improve loss prevention by migrating to credit and debit acceptance as multiple parties do not have to handle traditional payment methods; electronic funds are deposited automatically instead. Migrating to credit and debit card payments eliminates the risk of getting bad checks or exposing the sensitive bank account information printed on checks to others with malicious intent.
Cover Overhead Costs
Businesses often worry that the cost of accepting credit and debit card payments will be too expensive. Due to the competitive nature of the credit card processing industry, merchant fees are reasonably low (check out our transparent fee structure here) so even the smallest businesses can afford to accept debit and credit card payments.
Interested in growing your business with online and mobile credit and debit card processing? To get started, fill out this form or contact support to begin the quick and easy application process.