5 Reasons to Integrate a Credit Card Processor in Your Business

In the modern age of technology, carrying cash has quickly become an obsolete option. People don’t want to deal with the hassle of paper money or change and simply carry cards everywhere they go. This can be an unfortunate option for the small business, however, and can mean you miss out on a lot of business if you fail to have a credit card processor. Included here are a few reasons your business should employ a credit card processor today.

Portable Options

With today’s love of technology, it is no surprise that businesses are becoming more and more tech-savvy. This means small businesses, without the means to process credit cards, are far behind the times. With the simple purchase of a tool like an iPad plus a card reader, of any brand, you can be accepting credit cards in your business. This is especially handy if you peddle your wares in any farmer market’s or areas where you are away from the store.

Online Options

If you don’t want to go to the hassle of purchasing a full card reader, you can still accept credit cards via the computer. Some companies online can help you process your credit cards simply by inputting them online and processing the transaction. Or, if you do not have reliable internet options, you can utilize the telephone to call in the credit card number and process the account; though this can bring questions of security to the customer’s mind.

Add Fees to Transactions

If your business’ primary concern about processing cards is the increased fees, it is quite easy to deal with this dilemma. By being upfront with your customers about the increased cost of processing cards, they will understand your need for additional fees. Simply post a sign in your store explaining the additional fee for card usage and your customers will choose to utilize cash or cards with understanding for your situation.

Increased Business

If you don’t want to add fees to your transactions with customers, you can take comfort knowing that you will likely not be losing money by adding card readers. Many businesses will actually see an increase in sales and transactions following the integration of credit card processing. This should more than cover your loss in card processing fees and open your store to a broader group of clientele.

Accessibility

Going hand in hand with the above “increased business” caveat, is the increased accessibility your company will hold for consumers. While they may not always have cash in hand, they still may want to purchase whatever it is your small business is known for. By not offering easy payment options, they may be forced to visit the nearby Starbucks, McDonald’s or Walmart instead.

Author: Kar

Dr. Kar is in the Information Systems & Management area in one of the top QS Ranked universities of Asia/world. He has extensive experience in teaching, training, consultancy and research in Indian Institutes. He has published over 75 high impact research papers with hundreds of citations as per Google Scholar. He has also authored/edited a number of books. He is the Editor and Founder of Business Fundas.
Note: The articles authored in this blog are his personal views and does not reflect that of his affiliations.