Small business owners can be hesitant to start accepting and processing credit and debit card payments because they know there are fees tied to using these payment methods. They can easily be confused by the different credit card processing merchant accounts, rates, transaction types, and the other lingo for new processes. They might have heard from other small business owners about how they do not understand or know how to read the monthly statements.
Even with these minor issues and concerns, one thing is certain: Accepting credit and debit cards will increase your revenues and profits. For today’s customers, the ability to accept credit card payments has become an expected service businesses of all sizes should offer, including online-only retailers, small “mom and pop” stores, and lawn and pool services.
Businesses Can Boosts Sales if They Accept Credit Card Payments
To better illustrate how accepting credit and debit cards increases revenues and profits, let’s consider the following scenario:
Bob and Sally own a small convenience store and deli on a busy corner in their community. For years, locals have enjoyed being able to stop in for food and grab drinks, fresh produce, snacks, and other items they need. However, the store only accepted cash and checks for payments because they were afraid the fees for accepting credit/debit cards would cut too much into their profits.
In recent years, the store has been struggling a bit. The customers the store does have are spending less because they do not carry as much cash as they used. Plus, many of the store’s repeat customers have stopped coming in. The remaining loyal, long-time customers keep asking the store to start accepting credit and debit payments.
Finally, Bob and Sally decide to do some research about current credit and debit card processing technologies, what is needed, and which methods would be best for their business. They have their merchant account set up here, at Leap Payments, and choose a stand-alone EMV credit card machine with NFC and Apple Pay capabilities.
To celebrate the change, they put up signs to promote the new payment methods, and word quickly spreads around town. They notice many of their loyal customers have doubled, tripled, and some even quadrupled how much they are spending, compared to when they paid with cash. They also notice an increase in returning customers that stopped coming because they did not accept credit and debit payments, as well as new customers, of which many like the Apple Pay and NFC payment options.
For Bob and Sally, deciding to accept credit card payments as well as debt cards gave their small business a big boost in revenues. Even after paying the transaction and processing fees, the increase in sales easily offsets these and has even increased their profits.
If you want to discover how you can boost your sales and earnings by accepting debit and credit payments using the right equipment and processing method, contact Leap Payments at 800-993-6300 to speak with a representative today!
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