Accepting credit cards can increase Sales

By: Sneha Shah

Paying by credit card seems to be the most preferable mode of payment these days. This has made it imperative for all the businesses to accept credit cards. On one hand, acquiring merchant status which means you accept credit cards looks very taxing and complicated.

This is especially true for businesses where majority of the customers pay by cash or check. However, if you do not accept credit cards, you may end up losing sales. This is bound to happen if you have a mail order business or consulting business.

Credit cards are accepted by almost all the businesses today. Debit cards are even more preferred by customers these days. Most of the people don’t go for mailing a check. This makes it absolutely necessary for businesses to accept credit cards. The problem with sending a check is that the customer has to wait for it to clear and then await the product shipment. This becomes very boring for the customer. Therefore, he avoids shopping this way. This ultimately makes you lose sales.

In case you wish to accept credit cards, you ought to work with a bank that will transfer the money into your account within a day or two of the sale, and then collect the money from the customer. Accordingly, you are supposed to pay the bank some commission for each credit card transaction; a set, per-transaction fee and a setup fee. Monthly support or equipment-rental fees for a point of sale terminal will be needed to be paid.

This fee depends on two main things- the average amount per transaction and the total volume for the year. At the time of application of merchant status, the banks assess your business according to your sales track record, the type of your business, your credit record and your financial status. Merchant status should be applied for only after you get your start-up financing. By swiping a customer’s credit card, it is a sure thing that you’ll get paid. This also involves a number of fraud protection systems so that the transaction is authentic.

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