Why Offering Credit Card Payments is Good for Business

More and more businesses are offering credit card payments. And who can blame them? More customers prefer this method, especially if they are buying something expensive. Whether the purchase is for them or for a significant other, whether it’s a straight payment or installment purchase, credit cards can accommodate their needs. When you offer credit card payments, you and your customers benefit from the following:

 

Convenience

 

The main reason customers choose to pay via credit card is its convenience. They don’t have to go through the hassles of paying by cheque, and they aren’t burdened by carrying loads of cash just to pay for an expensive appliance or luxury item. All they have to do is take out their plastic, swipe it through an online payment gateway in UAE, and sign the receipt. The transaction is completed as soon as the POS terminal displays that the payment request has been approved. To make this possible, all you have to do is get a POS terminal that will allow you to offer payment through credit cards.

 

Security

 

If customers are unable to pay via credit card, they will have to look for an ATM and withdraw the amount they need for their purchase. This is easy if the purchase is not expensive, but what if they are trying to buy a designer dress for a black-tie event, or they are looking for an engagement ring? Withdrawing such a huge amount of cash will make them a target for robbers who might be in the vicinity. Customers don’t want to feel like purchasing something from your shop is unsafe. They don’t want to feel that they are being watched. These feelings stop them from buying more expensive items, which limits their purchase from you.

 

Increased Spending

 

Any merchant account will not say no to more customer purchases. This is possible even without changing anything in your store. All you have to do is start offering credit card payments. Simply doing this encourages people to spend more, especially if they don’t have to pay for it immediately. Impulse purchases are your best friend, and paired with discounts and other promotions your store may be offering, you’ll get a good boost in sales. According to merchant account providers, around 25% of sales are already done via credit cards. That’s a quarter of your overall sales, and you might not get that if you’re only allowing cash payments.

 

Your business benefits from offering flexibility and convenience to your customers. If they have options and they don’t feel like transacting with your business is costing them their life, they will surely be a patron.