SMBs value credit card processing
June 21, 2013

Accepting multiple forms of payment allows small- and medium-sized businesses to generate revenue. Integrated payment systems ensure the company receives compensation in a timely manner and offers customers the ability to boost how much they spend. One SMB saw a significant increase in sales after giving customers the ability to purchase with plastic in the store and through the retailer's electronic payment system. Accepting debit and credit cards at the point of sale, whether it is in store or online, provides SMBs with numerous benefits. 

Plastic provides payment protection
In an Op-Ed piece for the Montana-based Billings Gazette, small-business owners Bill and Mary Kennedy expressed how much they value accepting plastic in stores and how investing in an electronic payment system allowed them to expand their wine retail business. The Kennedys said that although they used to place a higher value on cash, debit and credit cards offer their consumers and business stronger financial protection.

Accepting plastic is not just a necessity, but has also allowed the couples' company to expand online. Electronic payment systems provided the wine merchant with a way to reach customers outside of their local area by allowing out of state customers to purchase goods through the web. 

In addition, according to the Kennedys, investing in integrated payment systems helped them feel more secure in store and online.

"We also don't have security guards and IT staff to protect our stores and Internet sales like the big guys, so we are fortunate to have services to protect the money that exchanges hands - at least via debit and credit card transactions," Bill and Mary Kennedy wrote.

In fact, the two said they look forward to increased savings from the recent settlement between MasterCard, Visa and large corporations that addressed the issue of credit card fees and price transparency. They suggested that electronic payments will become more affordable for small-business owners and may drive SMBs that have not already invested in the purchasing solution to do so.

Accepting plastic in stores and online is vital for small retailers across the country. According to Index Credit Cards, nearly 40,000 credit card transactions are made every second in the U.S. Not allowing consumers to use their debit or credit cards at the point of sale can cause SMBs to lose patrons and sales essential to their continued business. Investing in plastic acceptance and electronic payment systems ensures SMBs drive revenue in the long term. 

Nexus: G-WEBCD1