Three Ways Accepting Credit Cards Can Grow your Business!

Three Ways Accepting Credit Cards will grow your business:

Accepting credit cards isn’t just about facilitating transactions for your customers. Credit card transactions save your business time and grow your business. Here are three ways accepting credit cards can grow your business and increase your revenue:

  1. The majority of your customers use debit cards or credit cards.

According to a Gallup survey in 2014, only 30% of Americans do not have a credit card or debit card. More so, over 1/3 of Americans have three or more credit cards. For a business, by not accepting credit cards you are potentially alienating 70% of your customers. To put the percentage into concrete numbers: there are over 150 million Americans who own a credit card. By accepting credit cards and having merchant services for your business, you will be ready to serve more customers. Credit cards also allow the customer more spending power without having to carry around large amounts of cash- which means your business can accept large purchases! According to a study by American Express, American Express customers alone spend 43% more than the average cash consumer.

2) Instant Transaction approvals or declines

As a business, you no longer have to rely on your customers to balance their checkbooks to ensure that the checks do not bounce. Credit card transactions can be processed instantly ensuring when a transaction declines that your business is not losing money. When accepting checks, your business could be waiting days for the check to cash and deposit into your business’s bank account. Credit card transactions start the moment the customer swipes their credit or debit card. With merchant services, your business operates more efficiently- lowering operational costs and time spent.

3) E-Commerce can make your business money while you sleep!

Establishing an e-commerce system allows your business to sell products and services through your website. Customers can make transactions at any time- day or night. This allows your business to service customers on a global scale, with the security that your business will be compensated. E-commerce solutions can be easy to establish and run automated- allowing you to focus on the business and what makes you successful. Recent projections from Forrester Research estimate that Americans will spend over 350 billion dollars online in 2016. A well functioning e-commerce system allows your business to reach those customers without effort.

Accepting credit cards ins’t just about “keeping up with the Jones’s” but rather can have a tangible effect on your business’s growth and increase your ROI. At Cynergy Data Texas, we can help your business reach over 150 million Americans who own a credit or debit card. We can help your company with merchant services, next day funding and establishing e-commerce systems.