Online businesses are blooming day by day and in order to grow the online business you have to accept credit and debit card payments too. Although accepting credit card payments incur some transaction fees, but this is how your customers like to pay today. Most people don’t keep cash in their pockets and that’s why paying online becomes feasible for them.
Let’s check out some of the reasons why you should accept payments via credit and debit cards:
- It builds trust
When you offer credit and debit card payment options to your customer, it creates trust among your customers. Accepting online transaction would mean that you are taking the responsibilities too. Which means in case of a product refund and return case, your company will return the money paid through online mode back to their account without any hassle. You give your customers an excellent online transaction experience, and this definitely builds trust.
- Increased sales
If you are running an online business and only accepting cash on delivery, this somehow restricts you to deliver your service and products to people residing in different places, who want to purchase from you. This clearly means that you are limiting your sales too. But allowing your customers to pay through online mode would mean expanding your business and increase sales. The online transaction also attracts more customers.
- Giving tough competition to your competitors
Most of your competitors are already accepting debit and credit card payments. Why would you want to stay behind? In order to stay on top and give tough competition to all your competitors, you must allow an online transaction.
- Quick buying
Customer who are looking at your site and finds something interesting to buy, letting them shop online and pay online somehow triggers their impulse to buy right away. Yet again this encourages sales. Paying online allows the customer to simply take out their credit card, insert all the details and pay then and there. In fact, studies have shown that people with credit card feel more prompt to shop online.
- Better cash flow
All credit card transaction happen electronically, and they are settled pretty quickly. It gets processed by bank easily and gets deposited in your account effectively. This means that you don’t need to wait for days to clear your checks. No more waiting period for billing and waiting. No need to wait to collect cash from your customers and then go to the bank to deposit the amount and then wait for two or three days more to reflect the amount on your account.
- It is necessary
Because you are running an online business, it is clear that your customers will like to pay online too. What will happen on the day when the product gets delivered, and they don’t have the cash to pay? Think about it; they will simply return the product which is a loss for your business. This is the very reason why an online business must accept credit and debit card payments.
- No more bad checks
We all know what bounced check can do to us. What if it the check amount is enormous and unfortunately it gets bounced! You will incur a loss as well as there will be a waste of time too. This will then require tracking down the customer who gave you a bad check and recover the amount. That’s why a credit card transaction is a good option mainly to stay out of bounced check. This way there will be lesser cases of fraud as well. Accepting payment through online mode will make sure that you are receiving payment on time.
- It is convenient for your customers
Ultimately, everything boils down to giving your customer perfect shopping experience. No matter what kind of business you are into. Your customer will like to shop from you only when they find it feasible. Online payment can become extremely beneficial for you and your customers because it merely takes a few seconds to complete the transaction. Not just this, often banks provide offers and discounts on particular credit or debit cards, and that’s another reason why your customer prefer paying by cards.
- It is not expensive
There will be fees associated with each online transaction, but the number of revenues you will be generating will be more profitable than a few transaction costs. Credit card processing has become more and more affordable. There are merchants account provider who charge as low as 2% per transaction which will be nothing in terms of the profit you will be earning.
- Setting up credit card and debit card payment getaway is quick
When you find the right payment gateway provider for all the online transaction, it becomes easier for you to set up the online payment gateway account. It will hardly take 24 to 48 hours to establish the payment gateway option which is a lot quicker.
- It saves time
Since you are running an online business, everything is about earning quick returns, and that’s precisely what you get when you let your customers pay through online mode. Unlike accepting cash or check, taking a credit card transaction is way better than any other transaction method.
If you want to earn more sales and want to generate more revenues, then you should think about an online payment method. This way you will grow your business. Plus, it reduces employee stealing your money too. Every company incurs a loss when someone steals money from you. Although there will be customers, who will opt for cash on delivery, mainly if you are new to this industry, but employees who go and collect money might steal it. That’s why you should think about credit and debit card payments and start accepting online payments from now on.