Financial well-being June 1, 2016 By
Several years ago everyone carried cash or checks in order to pay for their purchases. As technology continues to quickly progress, so does your customers. Credit card usage has steadily grown over the last couple of years. According to Javelin Strategy and Research, credit card purchases have increased from 29% in 2011 to 33% by 2017. Businesses continue to evaluate their payment offerings to capture the needs of their evolving customer base .
Listed below are several ways that businesses can benefit from accepting credit cards:
Increase in sales. If your business is able to accept many different payment options, your customer base will increase. The more customers you can attract, the more sales you will make.
Ease of purchase. Shoppers feel that they are more empowered when they can simply swipe a card versus writing a check or visiting an ATM that incurs additional charges. Some studies indicate that customers tend to spend more when they use a credit card instead of cash.
Improve cash flow. Accepting credit cards means expedited collection of funds, less cash to handle, and time reduction associated with the billing/collection process. Most credit card transactions are processed and deposited into your account within a couple of days.
Compete with other businesses. In order to stay competitive amongst other businesses, it is a necessity to be able to accept credit cards.
Online shopping. Most online transactions are paid for by credit cards. If your business has an online store, accepting credit cards is a must.
Reduces bad payments. Even though fraud can occur with a credit card, data breaches and identity theft are easier to trace than a bounced check. Credit card companies will assist you in collecting your receivables, saving you time and money in the process.
Small business expense. Accepting credit cards is a relatively inexpensive business cost. In fact, many businesses discover that the increase in sales from accepting credit cards will often cover the costs involved.
Quick and easy setup. As you work with your selected merchant card processor, it is important to discuss various terminal options that best fits your business needs. To help simplify your merchant onboarding experience, First United Bank can process your merchant card application immediately and have your service up-and-running within a couple of days.
Let us help your business Spend Life Wisely. Please contact your local First United Treasury Management Officer for more information.
