As the world continues to go digital and eCommerce gains popularity, cash and cheques are becoming less common with online shoppers. For merchants, offering credit card processing, online payments, credit and debit card payments, or an account that enables the holder to accept payments in multiple ways adds value, opportunities and benefits for both parties.
Let’s explore the benefits of processing credit card payments for merchants and shoppers.
Accepting Credit Card Payments Can Help Merchants With Cash Flow Management
For both merchants and shoppers, paying online and making use of processing credit card payments helps both parties to keep track of spending and money management. Processing credit cards allows businesses and shoppers to handle transactions in an organised, streamlined fashion.
It Allows Merchants To Increase Their Sales
With credit card processing, merchants and shoppers can enjoy more spending and impulse shopping. Over cash, when given the option to use credit cards, merchants offering it experience increased sales and overall business growth.
Allowing Customers to Pay By Credit Card Legitimises Businesses and Garners Trust Among Shoppers
According to Small Business, offering credit card processing helps merchants to establish and legitimise their business, and with this, garner trust among online shoppers. When merchants display logos of the credit cards they accept on their website, shoppers are more likely to trust their business. It also provides online shoppers with more payment options.
It Saves Both Merchants And Shoppers Time
Research by Chron shows that processing credit card payments, while convenient, saves both merchants and shoppers time. With quick authorisation and quick clearance, shoppers can not only avoid wasting time in the queues but avoid wasting time for payments to be processed.
In the same light, merchants can enjoy quick payments and enjoy profits from offering it as a payment service as sales reflect in their business account pretty much instantly.
Accepting Credit Card Payments Levels The Competitor Playing Field
According to Small Business, merchants offering this payment service will see them not lagging behind when shoppers are seeking businesses with these services. For survival, and to thrive, merchants should process credit card payments which brings them to a level playing field with other merchants in the market who offer this service.
It Offers Rewards For Both Parties
With every credit card swipe or processing transaction, both shoppers and merchants get to enjoy different rewards. While every credit card offers different benefits and rewards, both merchants and shoppers can enjoy anything from travel points, cash-back and other rewards.
Shoppers Can Shop Safely From Anywhere
With credit card payment and processing services, both merchants and shoppers can enjoy shopping from just about anywhere. This means that credit cards can be used internationally and while merchants can enjoy broader sales from across the globe, shoppers can enjoy purchasing their favourite items from borderless eCommerce merchants.
Enjoy All The Benefits That Go With Accepting Payments By Credit Card. Start With Payflex!
It’s clear, as Forbes puts it, If you are an eCommerce merchant, accepting secure payment by credit card and allowing credit card processing is imperative for your business and your shoppers. The majority of transactions on the internet are paid for with credit cards or online systems such as Payflex, which link to credit cards.
Sign up for Payflex now!
Contact Payflex to start your instalment payments now. Start using Payflex as a payment gateway for your online store.