A strong marketing strategy, a powerful digital presence, search engine optimization, and an effective customer service plan are a few of the most important factors that small business owners typically consider when working on their revenue strategy. While these are all essential to the growth of any business, there is one critical factor that business owners often forget about when it comes to increasing revenue: credit card processing.
The reality is that most small businesses consider credit card processing a part of their business structure as opposed to a factor imperative to the growth of their businesses. This is unfortunate as offering the right credit card processing options to your customers is crucial for the generation of increased revenue. Providing fast and frictionless credit card acceptance is a differentiator that every small business owner needs to consider if they want to enhance their growth and boost their profits.
The more payment methods, the better.
More than 75% of today’s consumers choose cashless payments during checkout. That means that if your business does not accept card payments, you could be missing out on a huge number of potential customers. By accepting cashless payments, you can significantly expand your customer base and increase your sales.
That being said, when it comes to accepting credit cards, variety is the spice of life. After all, some of your customers will prefer to use traditional magstripe credit cards while purchasing products or services, some will prefer EMV chip cards, and others will prefer to “tap and pay” via NFC contactless payments like Apple Pay and Samsung Pay. Then there are those customers who will wish to make purchases over the phone or the internet — including those halfway around the world.
Considering the diversity of your potential consumer base, it behooves you to offer your customers as many payment methods as possible. Doing so will help you establish multiple customer streams, leading to business growth, and increased revenue. North American Bancard offers a variety of different payment solutions for merchants who are serious about growing their businesses.
The benefits of recurring billing.
Almost every company in the world has a network of loyal customers who make purchases at regular intervals. These “regulars” are one of your business’ greatest assets and it is important to provide a seamless checkout to them. Recurring billing options eliminate the need for a customer to provide a card every time they make a purchase.
By offering recurring billing, you’ll streamline the checkout process for your most important customers, while establishing a continuous stream of income for your business. Not only will this help in increasing your customer retention rates, it will help you attract brand-new customers as well. When a customer is notified that a store or a service provider offers recurring billing options, it will convince them to return the next time as it is a convenient way to shop for products or services.
Choosing the right payment processor.
When it comes to choosing a payment processor, always look for a company with the experience and desire to serve as a true partner to your business, while providing affordable and customizable solutions, and boutique-style personal service.
Remember to look at credit card processing as the critical component of your business growth strategy that it is. By offering added convenience to your consumers, you’ll be laying the foundation for increased revenue as you continue to build your business.