5 Reasons Every Small Business Should Accept Debit Cards
The dawn of debit cards saw ridiculously expensive price tags for installing this inventive technology to small business. Howbeit, thanks to a number of merchant providers embracing developments, the prices of incorporating debit cards to small businesses have significantly. That notwithstanding, as a small business owner, you still need to be convicted of the need to accept debit cards in your business. Apart from appearing high tech abreast with modern technologies, there are several reasons why you need to accept debit cards, five of them being:
Enjoy increased sales
This might seem far fetched, but it is really simple to see the logic behind this point. When a business only accepts cash or cheques, it limits the buyers to only spend what they have in their pockets at the moment. This is rarely much, hence limits the sales of a business to each customer. When your business accepts debit cards, however, you can coerce your customers into impulse buying since they have their finances with them. In this simple manner, small businesses can enjoy increased sales that are guaranteed.
Reduce risks your business is exposed to
The difference between small businesses that prosper and those that fail lies in the management and mitigation of risks. Debit cards greatly reduce the financial risks that your business is exposed to, which is a huge benefit considering how easy they are to adopt with merchants like travel merchant provider. When you do not accept debit cards in your business, some customers may present you with paper checks which are a nightmare to process. Furthermore, accepting debit cards eliminates financial risks involved with cash transactions such as money transfer from your business to the bank.
Expand your business boundaries
Conducting your business entirely on cash and cheque transactions limits the business to just a single location. This makes it hard to compete with those businesses that have diversified their services. Hence, another reason to accept debit cards is to expand the business boundaries. With debit cards, you can gain a competitive edge over other businesses by venturing into online sales.
The importance of efficient bookkeeping for small businesses cannot be overemphasized. Accepting debit cards will go a long way in helping you realize this. The debit cards will imply that most of your number crunching is done by computers. Thus, you can integrate your systems with bookkeeping softwares, freeing you completely from accounting tasks and allowing you to focus on other more core aspects of the business.
Increased convenience to your business
Apart from increased sales, mitigated risks, and efficient bookkeeping, debit cards increase the convenience you enjoy at the store. Foremost, debit cards allow you to process transactions faster, increasing the number of customers you can serve in a day. Secondly, due to the increased transaction processing speeds, the lines in your business premises will be reduced. This has the advantage of averting customers from going to other premises to abscond long lines.