Payment Pilot specializes in providing payment solutions for service professionals. Merchant services or credit card processing is part of that.
In our line of business, we still encounter service professionals and contractors who believe they can get by with just cash and check transactions. They don’t feel the need for payment getaways or credit card processing capabilities.
Among the most common arguments we hear from them against accepting credit cards is that their business just doesn’t need it. Right off the bat, we will tell you this wrong. Any business that wants to grow, or even just survive, needs to keep up with the times.
If you’re still on the fence, here are six compelling reasons for your business to start accepting credit card transactions.
It Gets You More Customers
To grow your business, you need to grow your customer base. This entails being equipped to accept different payment options, including credit cards, as more and more people are embracing cashless transactions. This trend in the global payments landscape is unlikely to be reversed, and no general contractor, roofer, or remodeler can afford to ignore this trend.
2. It Minimizes the Risk
Credit card transactions offer an added layer of protection between the business and the customer and vice versa. For businesses, they don’t have to worry about getting paid with potentially bad checks. For customers, if they have issues about the services rendered, they can file a dispute claim with their credit card company and have the charges reversed.
3. Your Customers are Incentivized to Use their Credit Cards
The entire credit card marketing industry’s main objectives are to get people to apply for credit cards and to get them to use it. They do this by offering attractive rates and through various promotions like points, rewards, and miles. Your customers are more motivated to transact using their credit cards and your business should be ready to accommodate that.
4. It Gives Your Customers Flexible Financial Options
Credit cards are very helpful especially when one is in a bind. It allows people to purchase something or pay for a service that they wouldn’t be able to afford otherwise if not for their credit card. Having a credit card increases their purchasing power, and if your business doesn’t have the means to process their payment, they will be taking that purchasing power somewhere else.
5. It Increases Your Profit
Multiple research has shown that people find it much harder to part with cash than to use a credit card when paying for something, which is why they end up spending more with cards. As a business, you want to be able to accommodate all customers, especially those are inclined to spend more.
6. It Improves Your Cash Flow
Eliminate the waiting time to get paid, get out of the cycle of sending invoices, depositing checks, and waiting for it to clear, or of sorting through cash and bringing it to the bank for a manual deposit. Electronic card transactions are processed faster and will be credited into your business’ bank account with hardly any lag.
7. Level the Playing Field
If the reasons above are still not enough to convince you, perhaps this will: the competition is doing it! In highly competitive industries, the battle is too often lost to the business that is most convenient to transact with. Make no mistake, some — if not most — of your competition is already accepting credit cards. Don’t let your inability to accept payment be the reason you lose business to them.
It’s true there is a cost involved in enabling your business to process credit card payments, but it’s actually not as exorbitant as most would think. It certainly doesn’t have to be. The processing rates are so low that even small businesses can afford to equip themselves to accept credit cards. Plus, there are many merchant services providers that offer payment processing packages at different price points. You will easily find one that will be a good fit for any reasonable business budget.
And when all is said and done, it’s just more costly to keep losing potential customers. As a business, you want to eliminate all barriers to closing a deal. Every time you come in contact with a potential customer, you want to give your business the best chance. Part of that is being prepared to accept their preferred mode of payment.
If you’re ready for your business to do more and be more, Payment Pilot can help. Click on the link below to get in touch with us.
