Stay Competitive with Merchant Services
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Posted On :
Mar-22-2010
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Article Word Count :
802
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Statistics show, today more often than not, consumers are relying on credit cards to make the majority of their purchases, from small, everyday items to major household and business expenditures. Grow your customer base. Recent consumer data indicates that consumers are more likely to choose a company that offers credit cards as a payment option than one that accepts cash only
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Statistics show, today more often than not, consumers are relying on credit cards to make the majority of their purchases, from small, everyday items to major household and business expenditures. As a result, more businesses than ever before are offering credit cards as a payment option to their customers, a move which helps make those businesses more profitable and more competitive.
If you’re considering a merchant account but you’re still unsure of how it can benefit your business, consider the following list of advantages your business could experience by offering credit cards as a payment option for your business.
Increase your bottom line. For most companies who open merchant accounts, increased sales are the first indication they have that their decision was a wise one. Many businesses report seeing their sales jump dramatically – sometimes tripling or quadrupling – within even a few days of accepting credit cards as a form of payment.
In addition, research indicates credit card users are much more likely to make impulse purchases than cash buyers, and those impulse purchases are on average five times higher than those made with cash. Moreover, credit card users tend to shop more frequently and to spend more on each individual purchase, all factors which can add up to a healthy bottom line for your business.
Grow your customer base. Recent consumer data indicates that consumers are more likely to choose a company that offers credit cards as a payment option than one that accepts cash only. Why? Studies show consumers are more likely to view companies with multiple payment options as being trustworthy and more legitimate, and consider the ability to accept credit cards as an indication that the business has been approved by a credit card company as a sign of integrity. Companies that accept credit cards are also viewed as being more established, and new companies can help improve their standing among consumers simply by accepting credit cards and displaying the credit card logo on the Internet site or at their place of business, studies show.
Attract new customers – and keep your current customer base, too. Multiple studies indicate: customers like credit cards and prefer businesses that offer them. Why do consumers like credit cards?
In addition to feeling safer with businesses that offer them as a payment option, consumers also appreciate the flexibility offered by credit cards. Monthly payment plans make affording large purchases easy and convenient.
Many credit card companies also offer extended warranties and protection pans on specific products and services purchased with their cards, affording consumers an added level of protection and peace of mind. And, today many cards offer added incentives and reward programs, like airline miles and hotel stays, giving consumers an added reason to use plastic to pay for as many purchases as possible.
Stay competitive on the Internet. If you operate your business online, even for just a fraction of your business, the ability to accept credit cards is critical to business success, since additional studies indicate more than 90 percent of all online shoppers rely on credit cards to make those purchases. As a result, businesses that do not accept credit cards are essentially throwing away 90 percent of their potential customer base.
Keep track of your financials. By keeping all of your credit card transaction information in a single, centralized location, a merchant account can help keep your business stay on track and financially focused. Monthly reports can also help you identify specific buying trends that can help you take advantage of opportunities to attract customers during periods of slow or high sales.
Merchant services today are also very affordable, even for small businesses and those with relatively low sales volumes, meaning you can remain competitive no matter what size of business you operate. The number and variety of account options have also increased, and today there are accounts that can be set up to meet the needs of any business doing business virtually anywhere – including mobile accounts that let you accept and process credit card orders on the road and away from the office or store.
And the final point: if you don’t, someone else will. With the advantages of credit cards clearly spelled out today for merchant everywhere, if you decide not to accept credit cards at your business, chances are awfully good that your competitors will. With so many benefits, coupled with lower costs and easier application and setup requirements and processes, opening a merchant account is a wise financial move that your competitors are sure to take advantage of.
Thanks to the Internet, searching for a merchant account provider is easier than ever. Start your search today and begin raking in the profits you’ll gain when you begin accepting credit cards for payment.
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Article Source :
http://www.articleseen.com/Article_Stay Competitive with Merchant Services_14194.aspx
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Author Resource :
Karen Zabel is a freelance writer who writes about credit card processing and businesses that offer that service such as North American Bancard.
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Keywords :
North American Bancard,
Category :
Business
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Business
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