Are you wondering if your business should start accepting debit and credit card payments? There’s no time like now to make the jump.

Shoppers appreciate the speed, convenience, and security of paying by card.

Every year, fewer and fewer shoppers are using cash to make purchases. Whether you’re in e-commerce, bricks-and-mortar retail, or B2B services, if you’re not giving your customers the option to pay with plastic, you’re leaving money on the table.

Still not convinced? Here are seven ways that accepting card payments can boost your customer experience as well as your business operations:

1. Improve your customer service. Shoppers appreciate the speed, convenience, and security of paying by card – and front-facing employees appreciate not having to make change. Smoother, safer transactions can help to build customer loyalty, which is the most reliable way to boost your sales.
2. Enhance your credibility. Establishing a merchant account and partnering with credit card companies can help you cement your status as a serious enterprise and make customers feel confident about doing business with you. Consider adding card icons to your website and print collateral.
3. Increase your average transaction size. Because cards offer consumers greater financial freedom – and because shoppers generally carry less than $75 in cash – accepting cards empowers your customers to spend more with each visit. And it’s more efficient to upsell than to acquire new customers.
4. Shorten your payment cycle. If you’re in B2B, letting your clients pay by card can accelerate cash flow and improve your working capital position. Your clients are less likely to wait until the invoice is due, and there’s no holdup as checks clear.
5. Lower your processing costs. Many merchants snub credit cards because of per-transaction fees, but automated payment processing can actually cut down on your accounts receivable and accounting overhead. When you consider bookkeeping and trips to the bank, checks often cost more to process.
6. Reduce your risks. With credit card payments, funds are pulled directly from customers’ accounts – and if the money isn’t there, the transaction is declined. There’s no need to worry about rubber checks or counterfeit bills, and you can rely on your account balances.
7. Streamline your recordkeeping. Small business owners are usually so busy helping their customers that they neglect to properly track the products and services they sell. With electronic payment processing, a complete and accurate record of your sales activity is automatically generated each month.

Explore Your Processing Options

There are three basic types of card processing systems. When making your selection, you should consider your sales volume and growth goals as well as the specific features and costs:

• Traditional POS (point of sale) systems: If your business involves selling goods from a physical location, you may benefit from this sturdy technology, which allows you to manage frequent customer transactions and multiple payment forms. Some systems also sync up with your accounting software.
• Mobile POS systems: Paired with a free or low-cost app, these plugin devices can turn any smartphone, tablet, or other mobile device into a register. They’re great if you make house calls, have multiple employees on the floor, or make sales at off-site venues.
• Online payment aggregators: These handy app- and browser-based tools allow you to accept card and ACH payments with or without a dedicated merchant account. They’re easy to set up, don’t involve long-term contracts, and, in many cases, allow accounting and resource planning integration.

Other Payment Forms to Consider

The more choices you give your customers, the better. Here are a few other payment forms to consider:

• Gift cards: Closed-loop gift cards – meaning they can be redeemed only at your particular business – can be a win-win-win. They make present-shopping easy for your loyal customers, they boost brand awareness, and they improve cash flow since you accept payment before sales are made.
• ACH payments: If you’re in B2B or offer recurring (e.g., weekly, monthly) services, consider accepting electronic transfers processed through the Automated Clearing House network. Unlike checks, there’s no wait for mailing and clearing, and they typically come with lower processing and accounting costs.
• Cryptocurrency: Crypto is a relatively new and sometimes volatile phenomenon, so small businesses should proceed with caution. But enabling payments in Bitcoin, Ethereum, Dogecoin, and other digital currencies could be a strategic move if you’re trying to attract a younger and more tech-friendly audience.

Stay In Charge

Upgrading to an electronic payment processing system can help you to move your enterprise forward. To explore other small business solutions, contact your financial institution.