From convenience to cash flow, here are five great reasons why taking credit card payments will benefit both your business and your customers.
1. Increase cash flow.
Adding credit card acceptance is a dependable way to speed up the time it takes your business to get paid. The funding time for most credit card payments is usually much quicker than other payment methods. For example, when you accept a credit card payment on Friday, you can expect to see the funds in your bank account by Monday. This means more money in the bank at any given time and more cash flow surety.
2. Streamline payment processing time.
Your business can quickly and easily swipe credit card transactions compared to the manual entry required for processing Automated Clearing House (ACH) payments or checks. In addition, operationally, you can streamline office efficiency with our online reporting and support tools available for payment settlement.
3. Protect your business against payment disputes.
When your business processes a credit card payment, you will receive an automatic response, known as an authorization, which indicates whether or not the payment will be successful.
Suppose a customer disputes a credit card change. In that case, your business will have the opportunity to provide receipts and authorization documents from the credit card processor so that they can determine if the transaction was properly authorized.
4. Improve your customers’ experience while saving time and money.
Think about how you, as a consumer, prefer to pay for everyday items or services you receive. Likely, it’s online with your credit or debit card. It’s much easier than remembering your routing and account number or carrying around cash or checks. Swiping a card is also much faster than check writing or counting back change during a transaction.
5. Rival Your Competition.
If your competition is offering the option for customers to pay with credit cards, you need to do so as well. However, don’t put yourself at risk of losing customers. The amount of market share of consumers that pay with cash is dwindling. Therefore, it is important to adapt to be able to accommodate your customers.
Need help accepting credit cards?
At Horizon, you can enjoy a one-stop solution for all your banking and processing needs. We offer the industry’s most advanced merchant solutions. Find a Business Advisor near you to discuss how we can help manage your business’ cash flow while significantly reducing collections risk.