Is yours one of the few companies out there that still doesn't accept credit cards for business? If it is, you might be shooting yourself in the foot without even realizing it. Credit cards can make or break a business, and that's no exaggeration. Here are four reasons why your company needs to accept credit cards for business -- no ifs, ands or buts about it.
1. Almost 90-Percent of Online Transactions Are Paid For With a Credit Card
If you have any hopes of taking your business online, you'd better accept credit cards for business. If you don't, you're only going to get about 10-percent of the online transactions you possibly could be getting. No two ways around it -- that's a sad, sad number.
2. Customers Want Convenience
I can't count the number of times I've been out of the house with nothing by my wallet and a few credit cards. No cash, no checkbook. The only way I could purchase a product or service is with a credit card. If an establishment doesn't accept credit cards for business, I won't be buying from them.
Think about how many customers you're excluding if you don't accept credit cards for business. How many people won't shop with you -- not because they don't want to, but just because it's not convenient for them.
When it comes to making money, you need to offer your customers convenience. Credit card acceptance is a big part of that.
3. You Can Charge More
If you offer a valuable product or service, you might not be getting as much as you could for what you're offering. Because cash-only consumers are much more price-conscious than credit card consumers, you have to lower your pricing when dealing on a cash-only basis.
If, on the other hand, you accept credit cards for business you may actually be able to raise prices without losing any volume. In fact, chances are your volume will increase now that you've opened yourself up to an entirely new segment of the consumer market.
4. Those Who Don't Ebb and Flow Will Eventually Die
The business world is in a constant state of evolution. Historically, the companies that don't ebb and flow with the changes eventually die out. Credit cards are a part of that change. If you don't accept credit cards for business, you may be heading in the way of the dinosaurs -- which means facing extinction.
If your company isn't yet accepting credit cards, consider the above facts. Yes, merchant accounts cost money. Processing credit card transactions isn't free. However, keeping the above in mind, can your company really afford to not accept credit cards for business?
