Whenever I go out for shopping or dining, I always check whether the shops or the retail stores do accept credit cards. Not that I love to spend my credit limit, it’s a matter of convenience to shop and pay with plastics. I usually buy a lot of things from different stores and with all the shopping bags hanging, I find it very hard to take out every little change and dollars in the wallet and later put in all back. But with card, it’s very convenient to just hold out the card, swipe and sign. And one thing I noticed that whenever a retail store accepts credit card as a form of payment, the customers usually will spend more than what they initially intend to do which in return will be good for the business..heh!
So if you have a store, or maybe an online business, consider having a merchant account so that you can accept credit card. The initial cost might be a little overwhelming but in the long run it will do good for your business. Imagine if you have a restaurant, yet you only accept cash (which I encountered during my last dining trip), majority of your clients especially those who are planning to have a party or company farewell dinner at your restaurant for example will find it very hard to pay all by cash.
On the other hand for those running online business, accepting credit cards for online purchase would require a secure server to process the payment. As online business is considered as high risk therefore you can expect to pay more for credit card processing compared to those with low risk – whereby they can swipe their customers’ credit cards through a card swipe machine like for stores and shops can, get the customers to sign and lower the risk of chargeback and fraud. Nevertheless having the ability to process credit card payment for those with online business will ensure more visibility in the market and a higher volume of sales for your business.
