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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
Should I Accept Credit Cards in my Business?
If you have a small business and are still thinking about accepting credit or debit cards, maybe it's time to take a few minutes to read this article and make the decision once and for all.
While it's true that it's best to have "constant and ringing" money in hand for the sale or provision of a service, it's also true that consumers are increasingly charging less cash and instead using safer payment methods such as credit and/or debit plastics.
But not only that, there is also a direct relationship between the price of the item or service and a person's openness to pay in cash, either for purely psychological reasons or simply because the amount is not available at that time. Here we'll tell you what the pros and cons are of accepting means of payment in addition to cash that you may not have considered.
What are the benefits of accepting credit cards in my business?
- Accepting cards can significantly increase your sales simply by providing more payment options than just cash.
- Accepting card payments at your SME helps reduce costs associated with handling cash and decrease leaks.
- If your services or products are priced significantly, the ability to offer customers Interest Free Months will boost your sales.
- If your business can expand internationally through e-commerce, then this alternative is almost mandatory.
- Even if you don't have the money right away, in reality almost all acceptance solutions will allow you to have it 24 to 48 hours after the sale.
What are the cons?
- A percentage of the sales plus commissions is deducted (see table below).
- Deposits are not instantaneous take a maximum of two business days.
- In the case of interest-free months, you absorb the cost. However, the bank absorbs the risk that people will stop paying and you don't worry about anything.
Types of Terminals:
There are several types of solutions according to the complexity of your operation, by contracting a POS (Point of Sale Terminal) your customers can make payments from their credit or debit cards in a fast and secure way, just slide it through the device. They are easy to use and work through a fixed or mobile telephone line or through the Internet.
Devices for smartphones/tablets
It's a payment app option that offers card readers for smartphones (iOS/Android), tablets and even cash registers. The card reader with 0 magnetic stripe chip connects to your cell phone or tablet using the audio output. Customers will confirm their payment by signing on the screen and receipts can be obtained via email or text messages. This will also teach them on How to establish credit with their credit cards.
Virtual Terminals
If you have a website and want to do e-commerce, you can use Paypal as a means of payment, in which you can sell your products in 203 countries. Its main advantage is that they can buy your products from almost anywhere in the world accepting payments by internet, phone, fax, email and in person.
Are you determined?
So, if you are an entrepreneur and you still don't have this payment system because you think it's only for big business, forget it! Consider this option to grow your small business, as most likely the financial cost will be covered without problems with the increase in your sales.
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