Why Online Businesses Should Accept Card Payments
An online business without card payments is like a car with three wheels – it does not run properly. Your e-shop might not last long only with bank transfers and cash on delivery while your competitors accept card payments. So, you should not hesitate to implement this option in your e-shop as well. The main reasons why card payments are necessary for your online business are indicated below.
Card payments increase sales
Credit and debit cards are one of the most popular payment methods online. By offering this payment option on your website, you get more customers by default. If your website is convenient and easy to purchase on, the customer will likely come back again. As a result, you boost customer retention. More returning customers and growing sales volume lead to an increase in revenue.
Card payments encourage impulse purchases
No doubt you have made purchases which were not planned beforehand. This is called impulse buying. If something has caught your eye in an e-shop, and you see that you can quickly pay by card, why not satisfy your cravings? Your customers think the same way. Impulse purchases can be quickly done with credit and debit cards bringing you more customers and sales.
Customers buy more when they pay by card
When buyers pay by card, especially by credit card, they do not notice how quickly they spend money. They tend to buy more and spend more. Therefore, you should not miss the opportunity to make use of them.
You ensure better customer experience
No doubt that the easiest way of paying online is with a card. Customers do not need to log in to their bank accounts or e-wallets but only need to enter their card details once. If your provider supports one-click payments, then shopping becomes even more convenient for your customers. They will not need to enter their card details again for further purchases. As a result, you provide the best customer experience and attract more returning buyers.
Funds can be charged periodically
If you have a subscription-based or membership-based business, you cannot go without recurring card payments. With recurring billing, you don’t have to struggle with sending bills and emails reminding your customers to pay. Hence, you need to choose a payment gateway that offers recurring payments for your subscription or membership services.
Card payments are easy to track
If you open a merchant account for your e-commerce website, you also get access to your own dashboard. There you can track all your customers’ payments. It helps you with accounting and managing your cash flow.
You receive payments immediately
Card payments are quick. You don’t need to wait several days for your customers to receive an invoice and make a bank transfer. When a customer pays on your website with a card, you immediately see this payment in your merchant account. Hence, all your funds are in one place.
Your business looks trustworthy
By indicating that you accept Visa and MasterCard payments on your website, you help your business be recognized as legitimate and reliable. Credit and debit card payments build customers’ trust in your website.
Customers can make mobile payments
Customers can quickly pay by card on the go in your mobile application. Even if you don’t have an app but only a website, card payments are still more convenient than other methods on mobile. Considering current trends, mobile payments can be a profitable investment for your business.
Don’t let your competitors win your sales
Customers want to make quick purchases without too much effort, so they will choose an e-store that can provide such an experience. It means that you might lose those customers who like your product but dislike the payment process. Instead, they will choose your competitors who accept cards. So, maybe it is a chance for you to start processing credit and debit cards and strengthen your position on the market?
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