Why Accepting Credit Cards is a Benefit for Small Business

It can be extremely challenging for Canadian small businesses to compete with the larger players in their space, who have more resources available to them. One way for business to compete with bigger companies is to accept credit cards. 73% of Canadians have at least one credit card, which makes for a huge market that no small business can afford to ignore, especially if they are looking to grow.

When your small business begins accepting credit cards, you can benefit in many ways. Of course, you instantly offer the option of payment by credit card to those shoppers who prefer to pay by Visa, MasterCard, American Express and other major credit cards. Being able to promote that you accept these big-name payment options in-store or on your website demonstrates to the consumer that you are able to compete with bigger retailers. That’s why for many Canadian small businesses, being able to accept credit cards is an essential service.

Accepting credit cards also offers convenience for not only the customer, but for you as a business. While your patrons appreciate the ease of swiping or tapping their credit card to speed up the transaction and get on with their busy lives, you as a merchant will benefit too. Offering a quicker way to perform transaction means that you can serve your customers in a more efficient manner. Being able to accept credit cards is also convenient for your small business when it comes time to settle up at the end of the day. Merchants are able to send all of their credit card transactions in a single batch to their credit card processing company for electronic settlement, and the proceeds will be deposited in their merchant account in just a short timeframe.

When your small business is able to accept credit cards, you’re likely to see an increase in sales. Shoppers who pay with credit cards tend to spend more per purchase than those who pay with cash. Upselling and impulse buys are made more possible when the consumer taps into their available credit card balance rather than their wallet to make their purchases.

Your small business can also save money when you choose to accept credit cards. You’ll spend less time running to the bank, handling and counting cash, and processing physical checks. Plus, you can make use of wireless payment terminals and mobile payment processing to bring the ability to accept credit cards wherever your business takes you. This is especially convenient for small businesses who deliver their products or services to their customers’ homes and businesses, who can now collect payment on the spot rather than going through the expensive and time-consuming billing and collections process.

Credit card processing is a safe, convenient and affordable option to help small businesses grow and expand their payment options for customers. By working with a reputable merchant services provider, your small business can find the ideal way to accept credit cards and streamline your payment processing! Contact MALAQY today to design the package that meets your needs.

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