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Accepting credit cards is vital for small business success. By accepting credit cards you make it easy for the customer to make purchases, increase the average purchase amount by up to 23% and help grow your business into profitability. Credit card processing, though vital, can be costly let us compare some of the considerations before you begin payment processing.
If you are considering an online business, or wish simply to increase your customer base for a brick and mortar business, both will benefit by accepting credit cards. If you accept credit cards online with a merchant account and gateway system, you provide additional reassurances to the customer that you are a true, professional business, rather than a fly by night home operation.
New small businesses benefit greatly from the ability to accept credit cards because of the convenience it provides the customer.
Studies have shown that your average sale amount increases by as much as 23% if you have credit card processing capabilities. So if it is such a benefit why do people not setup up payment transaction capabilities immediately?People often balk at setting up a merchant account and the subsequent credit card processing services because of the costs involved. Typically accepting credit cards involves a monthly fee, and a discount rate that applies towards each purchase. Depending on your transaction processing provider you might be charged from 1 - 4% per transaction.
The fees involved with accepting credit cards will vary depending on factors including what type of products you sell, what your average sale amount is and if you are an online business or have a physical location.
If you are hesitant about the benefits vs. the costs of accepting credit cards you must put yourself in the place of a customer. You might not be aware of how many potential customers you are losing because of your inability to process credit card purchases right now.There are multiple competing credit card processing services and you can put together a custom service program that can benefit your business by increasing sales, while reducing costs by eliminating services that you do not need from your merchant account provider. Turning away willing customers and you will probably be surprised to find how many sales are lost because you are not currently accepting credit cards.
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