How to take credit card payments for small business? The cheapest way to accept credit card payments? Both fair questions if you're growing your Ecommerce website and online presence. Here are three considerations to make right now...
What You Need To Know To Facilitate Credit Card Payments Online
Did you know that the number of total credit card transactions by consumers have increased over the last six years or so? Research suggests that over 27% of all payments are made by credit cards, making it the second most frequently used form of payment. Debit cards still reign supreme, but credit card transactions are gaining.
With that in mind, perhaps it’s time to take credit card payments on phone AND your business website. Many companies shy away from this because of the processing fees. However, there are plenty of advantages.
Ready to get started? Here are three benefits of accepting credit card payments on your website.
1. Faster Payment
For the customer, the payment time isn’t affected. But, for you, things change quite dramatically. With a debit card, payments can take some time to process before the cash ends up in your account. This is because the money is coming directly from a customer’s bank account.
Credit cards are basically already “loaded” with money, so you see the cash a lot faster. Fewer checks have to be made and the banks don’t have to do as much to let the payment go through. So, your business can get paid a lot faster, enjoying an improved cash flow.
2. Attract More Customers
Some people will make payments exclusively via credit cards due to the added security. Credit cards are protected, so they’re often used when making large purchases.
If you don’t offer this form of payment, you might miss out on potential high-ticket customers. They usually don’t want the risk using a debit card for the payment. Or perhaps they can’t afford to use a debit card at the moment. Either way, you’re missing out on sales by not offering a credit card option.
Set it up, and you can attract more customers and increase your revenue.
3. Improve Your Brand Image
Consumers expect legitimate and trustworthy businesses to offer this form of payment. It’s not exactly a complex thing to do, and it provides the consumer with a socially accepted, secure way to pay.
If you don’t offer this payment option, it might reflect negatively on your brand reputation. Conversely, accepting credit cards will appear more legitimate and authentic. This builds trust, dramatically improving your brand image.
Can any business accept credit card payments?
Yes, there’s nothing stopping you from doing this.
How to accept credit card payments online? The process is relatively simple. Just select a payment processing provider and they usually provide all the software needed to set it up on your website.
Be aware that if you run a high-risk business, you will need a special account to accept payments. You can get a high-risk merchant account here, which basically charges extra fees to compensate for the sensitive nature of your business. So, if you’re worried that your niche transactions would be considered too risky to facilitate credit card payments, it is still possible to do.
The bottom line: It is a smart business move. It’s a very easy thing to do, and the cost of setting it up and accepting credit card payments is heavily outweighed by the benefits you receive.
