In order for any business to grow, it must always adapt to the needs of its customers. The business needs the customers more than the customers need the business. One of the ways a business can adapt to the needs of customers is by accepting credit and debit cards.

Credit and debit cards are growing into some of the most common modes of payments for consumers. This means that any business that does not accept these methods of payment is likely to miss out on sales significantly.

Here are some of the advantages of accepting credit/debit card payments for businesses: 

(1)Increased sales

If your business only accepts cash, you may be locking out a significant chunk of the consumer base. Accepting credit and debit cards allows those customers who prefer not to move around with cash an opportunity to come to your business for goods and services.

(2)Improved cash flow

Unlike cheque payments, credit card transactions take a short time to de settled as they are processed electronically. In most cases, you will find the money in your bank account between one and three days. At the same time, a credit card payment is unlikely to bounce the same way a bad cheque would.

(3)They give your business more credibility

Accepting credit and debit cards contributes to the positive outlook of your business. It gives your business some degree of credibility as these modes of payments have always been associated with the bigger more established businesses. They are also a great way to develop a rapport with your customers.

(4)Impulse buys

It’s not always that consumers purchase according to a well-thought out plan. In many instances, they may be attracted by the products you have on your display and decide to buy there and then. If you accept credit and debit cards, you will be able to take full advantage of those customers who don’t like to carry cash.

(5)Online option

These methods of payments are a great avenue for your business to start selling online. Most issuers of debit and credit cards offer these options for businesses that sell through the internet. With this option, your business has an opportunity to expand to an even larger consumer base.

(6)Fair charges

The expense your business incurs for accepting credit cards is so small that even a small and upcoming business can be able to accommodate the charges. At the same time, the increased business opportunities for accepting credit and debit cards outweigh the expenses incurred by far.

(7)Saves time

In addition to bouncing, cheques also require you to take your time to take them to the bank for processing. Plastic money, on the other hand, is processed electronically without you having to follow up. Any anomalies with cards are detected on the spot while with cheques, you may not notice spelling mistakes and incorrect figures.

(8)Peace of mind

It is not inconceivable to imagine the consequences of robbers walking into your establishment and emptying your cash register. By accepting plastic money, you reduce your chances of being robbed of all your sales. If a lot of your money is locked in credit cards and debit card receipts, the impact will not be as big.

Bottom line

Although by accepting credit and debit cards, you will need to spend some time reconciling bank statements, the pros definitely outweigh the cons. If you have not been accepting this option, it may be time to reconsider.