Has Your Business Taken Credit For Smart Decisions?
What were some of your smartest decisions over the last 12 months as a business owner? Here the insights on accepting credit cards online.
While you may want to take credit for some solid hires and promotions that were second to none, did you do everything possible for your customers?
If the answer is no, then you definitely have some work to do in 2013.
Even though some B2C companies are leaps and bounds out in front of others when it comes to accepting credit cards online, others are still a day late and a dollar short.
In the event you have been slow to the dance when it comes to accepting plastic, be it both at your business when customers come calling (where applicable) or through online sales, accepting credit cards should be a no-brainer.
Still, some business owners just don’t get it.
Yes, a number of reports have indicated over the last year that many Americans are working to pay down their plastic debts.
According to The Federal Reserve, American consumers have been scaling back on credit card usage since the financial crisis four years ago.
In 2008, Americans sported some $1.03 trillion in credit card debt, which turned out to be a record high. Fast forward to the summer of 2012, and that figure was $850.7 billion, more than 15 percent lower.
Despite the drop in credit card debt, business owners can still make a significant amount of sales by offering the plastic option.
If you have been reluctant to offer the credit card payment option, consider these thoughts:
* Ease of shopping – While there are some shoppers who will always prefer to pay with cash, others don’t like to carry sizable amounts of the green stuff around with them.
Right there is an opportunity for you to get more sales by offering those individuals a credit card payment;
* Plastic can mean impulse buying – It is not uncommon for some shoppers to buy on impulse when they’re not taking cash out of their wallets or purses.
With that in mind, you can ring-up larger sales by letting them use plastic. Face it, how many times have you yourself gone into a store with just cash? In many cases, you probably bought less stuff because it feels more “painful” to part with your cash.
Apply that same thinking to some of your customers, meaning a number of them will buy more from you if they can charge it;
* Online profits – You may or may not currently allow online sales, but think about the opportunities you are missing out on if you don’t.
More and more consumers find it easier in their busy schedules to shop online, be it on their lunch hour, later in the evening, or even on free time over the weekends.
If you offer customers the chance to buy from you over the Internet, accepting credit cards online can mean additional sales for you;
* Reassure customers – Lastly, make sure you let your current and potential customers know that shopping online with you and/or using their credit cards on your premises will be safe.
In a day and age of identity theft, many consumers may be reluctant to use plastic if they fear personal financial data will be swiped, not just their cards.
Let them know you deploy the latest in encrypted transaction protection, increasing the chances of a sale.
If you devote more time in 2013 to making credit card transactions smooth for your customers, you could very well see an uptick on your company’s return on investment (ROI).
For most B2C companies, they’d gladly take credit for that.
What About You?
How do you see the plastic option fitting your business? I’d love to read your thoughts in the comments below.
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About the Author
With 23 years’ writing experience, Dave Thomas covers a variety of B2C topics, including why it is important to accept credit cards online.