“Can I pay by card?” If you’re an owner of a growing small business, your answer should never be no. Set your business up to ensure that you never miss a sale by accepting credit and debit cards. Here’s why it’s important.
Why should my small business accept card payments?
Here are six simple reasons why it’s important that your small business is equipped to accept any payment that comes across the counter.
1. You’ll make more sales
While society isn’t going completely cashless (yet), people are definitely carrying it less. In fact, the Reserve Bank of Australia (RBA) indicates that cash has dropped to less than half of all payments—a 22 percent drop from 69 percent in 2007 to 47 percent in 2013. By these numbers, Australia is number 6 in the world’s top 10 cashless economies. If you’re not set up to accept card debit and credit cards soon, you’re going to lose out on a lot of sales.
2. You’ll improve your cash flow
Why issue an invoice then wait by the phone for someone to call (or worse, start chasing that unpaid invoice). Card payments are fast, secure, and can be transferred directly to your bank account within 1 - 2 business days. That means you have your hard-earned money fast to reinvest back into growing your business.
3. You’ll attract more customers
Customers love convenience. If you’re saving them a trip to the ATM to withdraw cash, you’ll not only be in their good books, but for those convenience purchases (like their morning coffee) your business will become their go-to destination. Accepting card payments ensures that you’re giving the best customer experience possible, which makes your customers more likely to recommend your business to their friends and colleagues as well.
4. Your customers will spend more
Studies have shown us that people spend 12 to 18 percent more when using credit or debit cards instead of cash. Perhaps it’s because they can’t see the money being exchanged, but if it means that they’re more likely to make an impulse buy at the counter, then accepting credit and debit cards will help your customers spend more with your business.
5. You’ll build a sense of trust
Accepting secure, fast and integrated card payments demonstrates that your business is legitimate. If you’re showing customers the logos of major credit cards that you accept (whether it’s Visa, MasterCard, eftpos or American Express) you’ll reap the benefits of a sense of trust instilled by these large, global brands. There’s also an increasing association with cash-only businesses as being sketchy, so not accepting credit cards could actually hurt your brand.
6. You don’t have to spend much—and it’s simple to get started
On a shoestring budget? No worries. It’s easy to get setup and start accepting credit and debit cards with Square. Square Reader is only $19 and you can accept any card that crosses your countertop for a low 1.9% for any tapped, inserted or swiped transaction.