Why Your Business MUST Accept Credit Card Payments Online in 2021
Accepting Credit Card Payments Online Benefits High-Risk Merchants
2020 turned out a lot differently than we expected, but it did convert more business into online merchants. Due to lockdowns and reduced physical contact, there was a huge shift in online shopping, so many businesses have since taken advantage of this by moving most, if not all, of their transactions online.If you still don’t accept credit card payments online, here are some convincing reasons you should partner with a credit card processor and take that step this year:
Credit Cardholders Spend More
We’re all familiar with this thought – “I’m not spending ‘real’ money if I’m using my credit card.” Several studies have revealed that credit cardholders spend more than those with cash or check because of that exact same assumption.This craving is fueled even more by the pandemic when people are stuck in their homes and spending more time browsing and shopping online. If you don’t accept credit card payments, you could be missing out on this huge opportunity to increase your revenue and earn more customers.
Improves Cash Flow
Unlike sending out invoices or waiting for checks to clear, credit and debit card payments are deposited into your account within just 48 hours. This means that you get to keep your cash flow consistent rather than held up because you don’t have money to pay suppliers or invest in growth.
Most consumers consider businesses that accept credit card payments as more legitimate than those that don’t. It’s not easy to get approved for a payment processing account, so once you have that MasterCard or Visa logo on your website as one of your payment options, consumers will instantly feel that they can trust you.
Allows You to Offer More Value for Purchases
A lot of consumers pay using their credit cards not only because it’s convenient, but also because of the extra benefits they get with their loyalty. When you accept credit card payments online, you can offer more value for your customers’ purchases by letting them enjoy rebates, air miles, and other rewards.
Provides Convenience While Staying Within Budget
You might be on the fence about applying for a high-risk merchant account because of the expense. But with the popularity of credit card processing online, a lot of merchant providers are now offering good packages that meet your business budget.Even if you’re a startup, it’s not hard to find a payment processor that you can afford these days.
Boosts Online Sales
Finally, if you’ve been struggling to boost your online sales, accepting credit card payments online might just be the solution. At least 90% of all online purchases are paid for using credit cards, according to the National Federation of Independent Business.
You could be missing out on this chance to earn more just because your competitor is accepting credit card payments and you’re not. So, what are you waiting for? This is the year to take the plunge and accept credit card payments online. Contact us to get started setting up your merchant account with First Card Payments today!
My interest in the financial world started to blossom in High School. However, my parents tell me I use to watch financial programs before the age of 5. So, I guess I was born with the Financial bug. In high school I was accepted into their Finance Academy, which I attended for 4 years. In addition to graduating high school, I accumulated a substantial amount of financial knowledge few people experience at such a young age. During which time, I won the State of Florida Stock Market Contest and I also finished in the top 100 in the CNBC stock market contest which had over 1 million participants throughout the country (including some of Wall Street’s elites) with a take home prize of $1 million. These achievements allowed me to be invited to many shows and events with top people in their fields of business from around the world.