There are more than 600 million credit cards issued in the United States alone. As a merchant, just imagine all of the potential profit slipping right through your fingertips. It is so close, but you just cannot grab it—all because you do not accept credit cards.
Like all things, there are pros as well as cons. However, Instabill has been in the credit card processing business for so long that we can assure you that the pros of accepting credit cards greatly outweigh the cons. Below are our top five reasons why credit cards can be better than cash.
1. Reach More Customers
Consider this: a potential customer walks into your store but does not have enough cash in his pocket to complete his purchase. Since you do not accept credit cards, he has to walk away empty handed. Or maybe a group of women is out window-shopping and one wants to buy a hot new item you are selling. Since she has no cash on her and you do not accept credit cards, she has to put it back on the shelf.
One of the greatest reasons why credit cards can be better than cash is because you can reach more customers when paying for your goods or services when cash is not an option.
2. Take Your Business Online
The most common way to accept payments over the Internet is through online credit card processing. Internet merchant accounts allow you to take your storefront business worldwide and sell to international customers. Being an e-commerce merchant will greatly increase your bottom line and boost your monthly sales volume. However, make sure you find an Internet merchant account that supports all of your business’s credit card processing needs—acceptable credit card brands, multiple currency support, and a PCI compliant payment gateway to keep your transactions secure.
3. Accept Payments over the Telephone
When you accept credit cards online or through your storefront, you also have the ability to accept credit cards over the phone. However, there are special MOTO merchant accounts designed specifically for these types of transactions using an online application called a virtual terminal. A virtual terminal allows you to enter credit card information manually into your payment gateway without incurring excessive fees for processing card-not-present transactions through a card-present solution.
4. Offer Your Customers Gift Cards
Not only are paper gift certificates outdated, but they also allow your customers to redeem remaining amounts for cash. Plastic gift cards, similar to credit cards with a magnetic strip on the back, make sure your customers only use that money at your store or website. However, without retail or Internet merchant accounts and credit card processing services, you cannot accept gift card transactions.
5. Use Rewards to Encourage Purchases
Many businesses are turning to different forms of rewards to encourage purchases—cash back, discounts, and free gifts just to name a few. Some businesses like Amazon.com, Home Depot, and Walmart even distribute store brand cards. Providing rewards for credit card purchases will encourage shoppers to buy from you using credit cards, which will give them the option to make larger purchases than they typically would if buying with cash.
Credit Card Processing with Instabill
Since 2001, Instabill has been providing a variety of credit card processing services. Choose from retail merchant accounts, Internet merchant accounts, or MOTO merchant accounts to find the best solution for your business’s needs. We offer low, affordable rates with first-class expert customer support for the life of your Instabill merchant account.
For more information on how you can get an Instabill merchant account, call 1-800-318-2713 or contact us online today.