About 7 in 10 people in the U.S. have at least one credit card, according to recent surveys. When shopping in stores, many consumers prefer credit cards to other payment options. No one wants to fumble around with cash or a pile of loose change, and shopping online requires you to have a credit card. Simply put, if you don’t accept credit card payments for small business transactions, you’re probably missing out on sales.
Fortunately, there are many easy ways to accept credit cards no matter where you and your customers are located. Here’s how to find the right option for your business.
What are the benefits of accepting credit card payments?
As a small business owner, your goals are simple. You want to grow your business and increase revenue by keeping your customers happy. One way to do that is to simplify payment. Accepting credit cards is the best way to provide a quick and easy way to make purchases.
But it’s not just about satisfied customers. Various methods of accepting credit card payments can also help you as a business owner. Many card processors allow you to easily track your sales, financial data, and the overall financial health of your business in a single online system. They create a digital paper trail of receipts, as well as store important customer data.
The benefits of accepting credit card payments cannot be overstated: in today’s competitive marketplace, they are increasingly expected and needed.
How to accept credit card payments for a small business
There are many methods of accepting credit card payments. Depending on the type of business you own, you can choose one, two, or all of the following options.
1. Find a point-of-sale (POS) system
Whether you’re operating a traditional physical store or an online business, you’ll need a point-of-sale (POS) system. A flexible solution helps you manage customers and accept multiple forms of payment, including credit cards. If you do a lot of your business on the go, especially as a service-based business, a virtual credit card terminal is another great option.
Regardless of the approach you take, you should streamline business operations and reduce costs by using a platform that combines payment accounts, billing history, contact information, service notes, order management, reporting, and more.
The right system will also allow you to initiate transactions for all types of sales from one integrated system, whether purchases are made in person, over the phone, or online. Many link every order and payment to a customer record and allow customers to log in or call to pay with a registered account.
2. Invest in Mobile Credit Card Processing
Does your business occasionally take you away from your usual location? Not a problem. Swiping a credit card on a mobile device is becoming the norm for many customers and businesses. Your payment is confirmed on the spot and a receipt is emailed immediately.
Add to that the ability to access cash flow reports, manage customer accounts and send invoices from anywhere you have a signal, and you begin to see the benefits of using a mobile payment app for your business.
A mobile app works in combination with a mobile card reader, allowing you to manage your business wherever you and your customers are. Be sure to look for providers that sync your mobile and in-person payments to reduce future accounting headaches.
3. Send click-to-pay invoices
When you operate a service-based business, every month looks different, but your needs are the same. You want to get paid in a timely manner while offering convenient payment options to your customers.
A click-to-pay email invoice gives your customers the ability to pay their bills online and receive a receipt in seconds. When a customer clicks and makes an online payment, the invoice is marked as paid in your system automatically.
Email billing is one method of accepting credit card payments that can save both you and your customers time and money.
4. Schedule recurring credit card payments
The organization is on many consumers’ minds. When it comes to paying monthly bills, it can be difficult to keep track of due dates. That’s why one of the most popular methods of accepting credit card payments is recurring billing. From child care to home cleaning services, this option is a game-changer for many small, service-based businesses.
Not only is it more convenient for your customers, but it also better ensures that you’ll get paid on time. By billing on a recurring basis, you can make your client’s lives easier while ensuring a more reliable revenue stream for your business.
5. Create an online store
Setting up an online store allows you to accept online payments and generate new orders 24 hours a day, 7 days a week. For e-commerce and subscription-based businesses (or really any business), an online store that accepts credit card payments is not only convenient, but it’s also vital. For service-based businesses, it’s increasingly important.
For example, if you own a lawn care business, you can create a storefront that displays all the routine services you offer and allows customers to add services to their “cart.” From there, they pay you online using a credit card. In less than five minutes, you’ve secured your next appointment and you’ve already been paid. Returning customers can even create accounts to save their payment information for quick and easy future payments.
Learn more about accepting credit card payments
At TowersPay, we understand how important it is to provide your customers with a variety of convenient payment options for small businesses.
When you choose TowersPay for your payment processing, you’ll enjoy access to all of the credit card payment options discussed here, along with ACH eChecks and other methods. Our mobile, in-person, and web payment tools sync seamlessly, and payments from all sources are stored in one easy-to-use system. No reconciliation is required.
TowersPay also offers small business payment options for a low monthly fee, with no contracts or cancellation fees.