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In other words, the odds are pretty good that the simple act of expanding your payment options into credit cards will help, not hurt, your bottom line. 2. Credit Cards Help Improve Cash Flow Even when a customer pays up front with a check, you don’t receive that money right away. It has to be cashed, the bank issues a hold, and eventually the money is released. (That is if it’s not a bad check!). Credit card payments have the benefit of being virtually instantaneous. Top card processors today offer deposits in 24 hours or less. When you’re juggling staff, budgets, contracts, and supplies, the added layer of cash flow stability can be a huge relief. Of course, making sure everyone gets paid on time – most of all you – is just good for business. 3. Credit Payment Integration Makes Your Business More Efficient Many process adjustments can make a business more efficient, but at its core, efficiency is about reducing time and process steps. Credit card payments that integrate into your workflow and business management software – along with all your other payment types – can reduce costs in the field as well as in back office bookkeeping and accounting. The additional data can also help you understand your customers’ preferences and track which payment methods they most prefer (as
6 Reasons Your Competitors Take Credit Cards Article supplied by FieldPulse Team For contractors,
cash is often king. But just because you prefer cash payments doesn’t mean you shouldn’t also offer a credit card payment option.
Sure, having a credit card processor take a percentage off the top of each bill feels like it cuts into profits, but the convenience to your business and customers can make up the difference. And the additional sales you could make as a result should far surpass the difference of a few percentage points. So don’t be penny-wise and pound- foolish. Cash may be king, but credit cards deserve a place in your royal court. Here’s why. 1. It Can Raise Overall Sales The number one reason you should care about offering credit card payments is the promise of increased sales. Up to 83 percent of small businesses that began offering credit card payments saw a sales boost over the course of a year, with 52 percent doing an additional $1,000 in sales monthly, and 18 percent making $2,000 more per month, according to an Intuit Small Business Survey .