I couldn't agree more. I think about 60% of our clients choose to pay by card, so we'd be lost without it. The main benefit Mel lists above is the cash flow - accepting cards means getting the cash immediately. The customer probably still pays their balance off when billed so has the usual 30 days to pay or whatever their bank terms but the credit is being handled by the bank and you get your cash immediately. After all we're in business to get paid, not in business to offer 30 day payment terms and lend money.
Do we have any members in our Small Business Community that does not accept credit cards?
What are some of the main concerns behind accepting credits cards?
If your business doesn’t already offer customers the convenience of paying with a credit card, you might want to seriously consider it. Generally, customers are more receptive to shopping with a company that offers multiple ways to pay. Purchases are often larger when customers pay by credit card and processing credit card payments rules out the possibility of accepting a bad check. Aside from customer convenience, credit card purchases mean that your funds can be available more quickly. Your business patrons will be more likely to spend money on impulse buys, participate in sales events and make web site based purchases. Many companies find that offering the option to pay with a credit card is vital to their income. Could accepting credit card payments benefit your business? ~Moderator Mel