Credit cards and small businesses go hand in hand

Posted by Tom Starks On July - 22 - 2015

Credit cards have completely revolutionized the way in which people do business transactions at the present moment. In order to comply with the demand of the client, any business that respects itself has to purchase credit card machine for small businesses and accept electronic payment. Cash payments have become almost extinct and this is explained by the fact that it is much more easy to swipe cards than to search through your wallet or even worse to make countless trips to the bank in order to get money. Small businesses have witnessed in recent years an increase in numbers when it comes to sales and studies have testified the fact that customers are more willing to spend large quantities of money if they are allowed to pay via credit card. So it seems only natural that businesses take advantage of the new trend and start making serious income. Still not convinced?

Numbers don’t lie

The reason for which so many people have become addicted to credit cards is the fact that they contribute to the disappearance of endless lines. In addition to this, many researches have been carried out in order to analyze the behavior of buyers and the results are not at all surprising. According to recent statistics, almost 60% of the number of sales registered at points of sale was represented by electronic payment. Equally important is the fact that customers manifested a tendency towards joining loyalty programs or generally spending more cash than they would usually do. This cannot but benefit companies that are struggling to survive, not to mention to make some profits. The bottom line is that the client is the one that decides and companies big or small have to comply.

Trustworthiness

A customer does not only purchase from a shop, what he does is to establish a personal relationship with the merchant. As is the case in commerce, there has to be a certain respect for the merchandiser and this is the result of quality service. It is only normal that a customer goes into the store that he knows has the thing that he is looking for and a customer goes straight to the retailer that is able to offer him the finest services. If the client has the slightest suspicion that the retailer cannot satisfy his needs, then he is off to the next. By being able to process electronic payments, any company can get back its clients and make them trust the services provided. It is thus not wise to go cheap when the image of the company is at stake. Customers will surely be impressed once they see you with wireless terminals and other facilities.

Setting up the merchant account

Up to this point the advantages of implementing electronic systems have been discusses, but there is a long way to getting the processors. In order to get the necessary equipment it is necessary to contact a bank or other financial institution and set up a merchant account. This basically means that the financial institution will provide the equipment in the form of countertop or mobile readers.  The merchant account is the place where the money made from the transactions is directed and the owner can access them at any time. In addition to this, you are not obliged to purchase the equipment and loaning is a possible option.

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