It’s 2015, and these days, most consumers use credit and debit cards more than cash. However, small businesses often do not accept these payment options. Such companies often miss out on a lot of potential profits because of this. One research firm reported that more than half of point of sales (POS) transactions usually occur with credit or debit cards. Small businesses struggle with the fees associated with merchant accounts, however, the opportunity for profit is slowly convincing owners to wake up and pay attention to this overlooked revenue stream.
Technology, smartphones, and the Internet make it easier for businesses to make the most of credit and debit card transactions. A decade ago, business owners had to deal with complicated transactions, complex machinery, and confusing policies. Today, some companies make it quick and easy for small businesses to offer credit card transactions in their stores. For example, PayPal is used by millions of consumers and businesses around the world.
An increasing number of major retailers and restaurants around the world are starting to accept PayPal and Square payments. It’s easy for small businesses to jump on these streamlined merchant accounts. After all, owners do not have to invest in major equipment or technology. All they need is a credit card reader. Consumers can then pay with their smartphones, among other options. Increased access lowers merchant account fees.
When small businesses add the credit card and debit card transactions, they can then account for this in their pricing or policies. For example, some locations ask for a minimum payment amount for plastic transactions. Consumers are familiar with these systems. This protects a business’s bottom line.
Consumers today want shopping to be easy. Accepting credit and debit cards increase customer satisfaction, the potential of repeat business, and profits. Opening a merchant account can offer small businesses some pretty serious benefits. After all, consumers may be more likely to increase their spending or willing to join loyalty programs. Small businesses can protect themselves from fees by asking for a minimum purchase or raising prices just slightly. Plastic is the future for society. Small businesses that want to grow should open a merchant account today. After all, it’s quick and easy.