If you run a small business, you may think it’s a better option to accept cash only to avoid the inconveniences of dealing with credit card services. Small business credit card services can definitely be overwhelming to think about, but they offer more benefits than you think. When asked their preferred payment type, 43% of Americans chose debit cards compared with 35% who preferred credit cards and just 9% who preferred cash, according to a 2014 TSYS online survey of 1,000 consumers who owned both a debit card and a credit card. Here are a few myths to be aware of when considering adding credit card processing to your list of acceptable payment methods.
- Too Complicated:While many people think of credit card processing software as complicated and tedious, it can actually add a lot to your business model. There are options available to make credit card processing more convenient, such as mobile processing and software integration. These services add efficiency and professionalism to your business, and while there may be a small learning curve involved, the increased profits and customer satisfaction will be well worth it.
- Too Expensive:While it’s true that credit card processing is a bit more expensive than working with cash only, these costs can easily turn into rewards if you work through the right companies. Level three processing credit card networks provide the lowest rates to companies that give additional details on certain business and corporate credit card transactions. This means that you can save a lot of money by simply allowing certain statistics of your business to by analyzed by the companies. This can be especially useful for larger transactions because it means bigger savings.
- Too Tedious:One thing businesses want with any type of small business credit card services is peace of mind. Since these B2B businesses generally work with larger amounts, they want the extra security of knowing that there are no uncertainties and the proper amounts will reach their destinations. Most credit card software offers an extra level of customer service that you just won’t find with other providers. They won’t just give you a 1-800 number and tell you to be on your way — they’ll give you a personal business line and will be readily available to address any thoughts, concerns, or questions you may have about your credit card payment processing services.
Overall, it’s important to do plenty of research before deciding on a credit card service provider for your business. If you have any questions about small business credit card services, visit First Direct Financial.