As a business owner, you may sometimes wonder if accepting credit card payments are worth the cost. After all, it does add to your expense column. You have to buy or lease the card processing equipment, you may need to change your accounting system, you need to train employees on how to handle payment, validate identification and prevent fraud, and you also have to pay a percentage of sales to the credit card companies. So is it worth it? Here are three compelling reasons why the answer is yes.
1. Consumer choice.
Using credit cards is more convenient than paying cash. As a consumer, you don’t have to worry about exact change. You always have money for necessary purchases that were either unplanned or spontaneous – such as an unexpected sale. It’s safer than carrying around wads of cash and worrying about getting robbed.
2. Ability to leverage card sales for funding.
If your business processes credit card or debit card sales, you can leverage these sales to secure financing for business investments through a merchant cash advance. Merchant cash providers will pre-purchase tomorrow’s card sales, providing you with money today. It’s a fantastic way to obtain business funding if you’re having a hard time getting a business loan or line of credit.
Check out the 2012 Infographic below, courtesy of The Credit Examiner for the latest consumer credit card statistics.
Infographic by- The Credit Examiner