Does your business accept credit card payments? If not, you’re missing out on countless benefits and improved business revenue. Credit cards are the most popular form of payment in the United States and across the globe.
In fact, credit cards account for up to 40% of all retail transactions! So what does this mean for you? It means that by accepting credit card payments, your business can generate more sales and boost its bottom line overall.
In this blog, our card processing gurus at Rigel Payments will cover:
- What credit card payments are
- Most accepted credit cards
- Benefits of accepting credit cards for your business
Table of Contents:
- What Are Credit Card Payments?
- What Are The Most Accepted Credit Cards?
- Which Cards Should My Business Accept?
- Business Benefits of Accepting Credit Card Payments
- Legitimizes Your Company
- Increases Sales
- Improves Your Business’s Cash Flow
- Levels The Playing Field With Competitors
- Credit Cards Are A Reasonable Business Expense
- Conclusion
People Also Ask:
What is a credit card payment method?
Credit cards are thin, rectangular pieces of metal or plastic that banks or financial services companies issue. These organizations allow cardholders to borrow money to pay for bills, services, and goods.
What is the best way to take credit card payments?
How to accept credit card payments:
- Find a reliable card processor for your business
- Get a merchant account
- Set up payment terminals (POS system)
What Are Credit Card Payments?
Every time a customer buys something with a credit card, it’s considered a credit card payment.
A credit card is a bank account that can be used to make purchases:
- Online
- At stores
- Over the phone
Cards allow consumers access to funds which they can use for many things, such as paying bills and buying groceries at their leisure. An interest charge is attached to each purchase but isn’t due until a later date.
What Are The Most Accepted Credit Cards?
Not all credit cards are accepted everywhere, so it is important to know which ones are to help grow your sales. When it comes to taking credit card payments, it’s essential to have your customers met.
By accepting the most popular types of credit cards, you can boost the overall customer experience and better ensure smooth card transactions.
The most widely accepted credit cards are:
- Visa
- MasterCard
- Discover
- American Express
Which Cards Should My Business Accept?
There’s no right answer when it comes to the question of which credit cards your company should accept. The best way to determine this is to do some customer research!
Look thoroughly into the buying habits of your customers. If they prefer to pay with American Express, Visa, or a rewards card, we recommend basing your decision on this information.
The bottom line: Taking time to understand your customer demographics and business objectives will help you decide which credit card payments to accept.
Business Benefits of Accepting Credit Card Payments
Regardless of your company’s size or industry, there’s no denying that taking credit cards will increase sales and provide significant positive results.
Here are some of the most notable benefits of accepting credit cards for your business:
Legitimizes Your Company
Accepting credit card payments helps establish your business as a legitimate organization in your market and industry.
At Rigel Payments, we suggest displaying accepted credit card logos on your:
- Cash register
- Store windows
- Website
This grabs your customers’ attention, making them more likely to trust your business. Giving existing and potential customers more credit card payment options leads to improved consumer satisfaction and will boost your company’s legitimacy.
Increases Sales
Credit cards allow your customers to buy things instantly without having to carry around cash or check their balances beforehand.
By offering credit as an option, your sales increase since it can provide instant gratification and accessibly.
Improves Your Business’s Cash Flow
Most card transactions are processed electronically. Because so, they’re typically settled quickly. The funds deposit immediately in your business bank account by the processor within days.
This not only increases and improves your cash flow but will also help discard concerns from customers involving:
- Checks
- Billing
- Invoice collections
Levels The Playing Field With Competitors
Businesses that don’t accept credit card payments may lag behind their competition. This is especially true if your competitors are already offering easy card payments.
To make a dent in your industry, you need to take credit card payments. By doing so, you’ll be giving your business a chance and leveling the playing field with other competitors in your market.
Credit Cards Are A Reasonable Business Expense
Many small businesses worry about accepting credit card payments because they assume they’re too expensive. This is simply not true.
Modern credit card processing has become increasingly competitive. Companies like Rigel Payments offer merchant services at reasonable rates, designed specifically for your business needs and budget.
With today’s low credit card rates, even the smallest company can afford to accept!
Conclusion
Accepting credit card payments is a crucial part of running a business. If you’ve been looking for the right credit card processing company to take care of all your card processing needs, Rigel Payments can help!
Get in touch with our experts today! Let’s see how we might work together to get your business accpeting credit cards as soon as possible.
