Why Credit Card Processing Fees are Worth the Expense

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In the modern economy, credit and debit cards have become a ubiquitous way for sales transactions to occur between businesses and consumers. Of course, this convenience comes at a cost to the business owner who must choose whether or not it is worth providing this payment option to their customers. Between the base fees charged by the major credit card companies, middleman and bank fees, they can really start to add up. But the truth is, more often than not, it is worth it to pay the expense. Here’s why:

1. Boost Your Sales

Customers with credit cards in their wallet are much more common than those with just cash. By accepting credit cards, you expand the pool of potential customers that can buy from you. This will increase your overall sales.

2. Legitimacy for Your Business

When you accept major credit cards, you signal to your customers that you are an established business. It sends a message that you can be trusted.

3. Level the Playing Field

Credit cards are convenient, and your competitors are accepting them. If you aren’t, your customer’s purchase option is limited to cash only. Avoid pain at the point of sale by reducing resistance and improving customer convenience –just like the big companies do.

4. Improve Your Business Cashflow

Funds from credit card sales are deposited to your bank faster and with less effort than almost all other mediums of payment. They transact, process, and settle quickly –helping you avoid the cash flow problems associated with bounced checks, invoicing cycles and payment delays, collections, and even cash deposit management.

5. Credit Card Acceptance Fees are Competitive

With so much competition in the merchant provider space, the margins are razor-thin. By increasing purchase convenience, improving sales and cash flow, and expanding your customer base, the cost of these fees are more than worth it.

At Veripay, we know that business owners and managers are smart people. They take the time to create systems and processes to help them to operate their businesses successfully. If it’s time to evaluate the potential for a credit card processing service, call us for a conversation about the options: 888-891-0811.