No matter what type of business you run, accepting credit card payments is strongly recommended. When I was 18, I used to work at a minimum wage telemarketing job where I’d call small business owners to persuade them to buy our company’s credit card processing machine/system.
I knew very little about what I was selling at the time but now that I’m an entrepreneur, I completely understand the importance of accepting credit cards. Sure, there may be some fees involved but it’s still worth it. Plus depending on who you work with, the fees can be very minimal compared to your overall profit.
Here are a few key reasons why you should accept credit card payments despite any processing fees.
It’s no secret that most businesses accept card payments. In fact, customers expect you to accept their debit and credit cards. This is why 83% of businesses that accept credit card payments see increased sales. When I went to New York a few weeks ago, my husband I were really hungry after a tour and started to look for a place to eat.
To our surprise, most of the restaurants in the area only accepted cash as a form of payment. We didn’t have enough cash on us and didn’t want to pay the high ATM fee so we passed on most of the restaurants. The places that didn’t accept cards missed out on our business and I’m sure they missed out on a lot of other business too.
Easier to Sell and Offer Payment Plans
Could your business benefit from offering payment plans? If you have some high ticket products or a subscription program, accepting credit card payments will be much more convenient for your customers.
No one wants to mail checks or time out of their day to hand you cash anymore. You can accept regular payments online via a quick and easy payment processor.
If you’re getting recurring income from payment plans and subscriptions, it will likely be worth the small fee required to accept payments.
Factor Fees Into Your Pricing
Don’t forget, you can always factor the fees to accept credit card payments into your pricing. I work with a contractor who didn’t realize that PayPal charged a transaction fee which meant that whenever I paid one of her invoices, a small amount was deducted from the payment.
After realizing that the fee was cutting into her payment, she asked if she could bill me a slightly higher amount with the fee in mind. That way, she could earn closer to the amount that we agreed upon and I had no problem doing this.
Depending on how you run your business, you may or may not feel like letting customers and clients know that you’ve increased your prices to factor in credit card processing fees. Some banks do charge high fees but Due’s rates start at just 2.8% per transaction with no hidden or monthly fees.
Being equipt to accept credit card payments is a must if you want to increase sales and outshine competitors. Even if you have the best products that provide tons of value, people won’t buy if it’s too difficult for them to do so.
Consider choosing an affordable payment processing solution that meets the needs of your business and has reasonable fees. That way, your profit will definitely outweigh any of the costs.
- Published in Business 2 Community
A student was defrauded out of $300 Wednesday night, according to an email by the UH Police Department.
A possibly Hispanic male and Hispanic female approached two students in parking lot 12B at approximately 8 p.m. and insisted on repairing the dented vehicle of the complaint for $90.
The student felt threatened and agreed to drive to a nearby ATM at Scott and Elgin to withdraw the money.
It was then that the male suspect “put his arm around” the student and requested $300 instead of the initial $90.
The student withdrew the money, gave it to the suspects and they left walking northbound on Scott from Elgin.
UHPD described the Hispanic male as 5 feet 8 inches tall, 160 pounds with short black hair, blue eyes and a black goatee. He had full sleeve tattoos on both arms and was wearing a black Cadillac baseball cap, light blue stripped shirt covered with “mechanic” style logos, blue jeans, tennis shoes and a rainbow colored backpack.
The female is described as 5 feet 10 inches and heavyset, with a star tattoo on the left side of her neck. She was wearing an orange tank top, blue jeans and tennis shoes.
No weapon was used.
Anyone with additional information or any leads on the unidentified suspects is encouraged to call UHPD at 713-743-3333.
- Published in The Daily Cougar
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