Credit card processing is a necessity of merchandizing, something that some merchants discover too late. If your business has trouble meeting its sales goals, the problem might be its merchant accounts, or lack thereof. Below are four signs your business could benefit from the service offerings of a card merchant service.
You Only Accept Cash and Check Payments
Unless you run a carnival, your chance of increasing sales while only accepting cash and checks is slim. Many customers prefer not to pay with cash and checks for the same reasons businesses prefer not to receive them: too much cash could cause security issues, and checks—when not processed by check scanners—can pose fraud issues.
Research shows that the average cash purchase is $9, while the average credit card purchase is $40. Research also shows that U.S. credit card users charged 10.7% more purchases between June 2010 and June 2011 than they did in the previous year.
Although some consumers are abandoning or losing their credit cards, others are using them more. To profit from their purchases, you need a credit processing account.
People Browse More Than They Buy
If people tend to observe your products but not buy them, accepting credit cards makes a difference. To revisit the statistic above: you cannot sell a high volume of medium to high priced goods unless you offer the easiest way to buy them – with credit. In doing so, be sure to accept all major credit cards.
If you offer diverse payment options and the browsing continues, reconsidering your location, selection, or pricing may provide the answer.
You Cannot Sell at Trade Shows
Some businesses go to trade shows to nurture business prospects, not to make customers on the spot, which could be a mistake. Because some businesses attend trade shows in search of solutions—not soft business relationships—having a credit card terminal onsite to accept business credit cards is a good idea.
Instead of letting customers slip away, or spending valuable time and money nurturing them, you could form business relationships on the spot.
You do not Sell Online
If you sell products or services that are purchased online, not selling them online is usually a mistake. Research shows that 75% of U.S. credit card holders use their credit cards online, and roughly one-third of physically active shoppers in the U.S. and U.K. would rather shop online than in-store.
When you accept payment online, you reach more than remote customers; you reach local ones who prefer your online store to your physical one.
AVPS Offers the Accounts You Need
To select the right merchant account, you need to consult the right card merchant service. At AVPS, we have over twenty-five years of experience servicing Small Business Merchant Accounts and merchants; experience that gives us insight into a variety of merchant issues.
For many merchants, meeting sales goals requires retail and Internet processing accounts, and potentially others. To learn if retail, Internet or other types of merchant accounts can help to boost your business’ sales, call us today.