Offering multiple payment options to your customers is really convenient for them, but it does require a bit of work on your part (though getting set up with SmartTrade is remarkably easy). Is it really worth it? Or would you just be better off taking cash?
Obviously, we say “yes, it’s worth it!” But why? What different does it really make? Here are five good reasons you should give your customers freedom in their payment options.
It Improves the Customer Experience
More than anything else, offering multiple payment options provides a better experience for your customer. If they’re planning on paying with a credit card and you tell them they have to pay in cash, they’re not going to be very happy, and that’s a bad experience. And, as we’ve discussed previously, creating a positive customer experience is crucial for retaining your clientele.
Of course, there are a lot of other things that go into customer experiences, but never having to say “No, I can’t take a card, sorry” is a big help.
You Won’t Get Left Behind by Competitors
If you’re competing with someone else in the market, and they start taking credit cards before you do, where do you think potential customers are going to go? Accepting card payments helps lend an air of professionalism to your business, and that can be very attractive to customers.
You can also get ahead of the others in your market who aren’t yet accepting cards, giving you a head start on recruiting and retaining new clients while they’re trying to catch up.
It’s Easier to Spend with a Card
If you run a retail location, accepting credit cards should be a no-brainer, and a big reason is that it’s a lot easier for customers to spend more money with a credit card. They’re more likely to make impulse purchases, they don’t feel the pain of letting cash go, and there’s less friction for making frequent purchases.
And if you ever plan on taking your business online, you’re going to need to accept credit cards. It’s possible to have people mail in checks, but if you ask someone to do that, you might as well tell them that they need to pay in old Roman coins. If there’s even a slim chance that you’ll want to take payments online some day, you need to accept cards.
It Can Improve Your Cashflow
If your business is dependent on invoicing, you probably already know how long it can take someone to send in a check once they receive their bill. It takes time, it’s easy to forget about, and people aren’t used to it anymore. If you’re asking for checks, you could be waiting a long time to get paid for any job.
Cards, on the other hand, are easy and fast, and the payments go through in a few days. No more obsessively checking the mailbox for checks from customers! You don’t need to worry about bad checks, either.
It’s Really Not Expensive
The price of accepting credit cards makes a lot of small business owners nervous, but with SmartTrade, you get to skip a lot of the expensive parts. We have no contract fees, no setup fees, and you don’t need an expensive merchant account at a bank. Just sign up with your business information and you’re ready to get started.
Our transaction fees are some of the lowest in the business, too, so you can be confident that you’re not losing a lot of the extra money that you’ll bring in because you decided to accept cards!
An Easy Decision
Convinced yet? In an age where few people use cash and almost no one writes checks, it’s an easy decision whether to take credit cards or not. You just need to make sure that you’re taking them with a service that gives you as many features as possible and doesn’t charge a fortune for it. Want to see what we offer and what it costs? Check out our Featuresand Pricing pages.
Image credit: Sean MacEntee via Flickr.