Payment Processing Advantages beyond Just Accepting Credit Cards

by Scott Paape

Accepting credit cards offers tremendous convenience for a business’s customers. But it can provide more than just that; it can facilitate growth in ways that may change the business drastically.

Increase upselling — Cash-only payment makes upselling difficult to impossible in most cases. However, if a business accepts credit cards and uses a hassle-free payment processor, it’s simple to help customers add extras and send them on their way. Using a payment processor makes the entire transaction efficient, even for mobile businesses. And it enables customers to see the business as a professional resource, helping them identify needs they may not have realized yet.

Create a new business model — Go beyond local. While reaching community consumers is great, how amazing would it be to have customers from all over the world? Being able to take payments online via credit card opens up a business to both increased revenue and a more visible presence online.

And the right payment processor can take that one step further by assisting with data security, providing 24/7 support, and providing the smoothest online payment gateway for satisfied customers.

Obtain a merchant cash advance — There’s still another advantage to accepting credit cards: a merchant cash advance. Rather than taking out a conventional loan to pay for business upgrades or other expenses, a business may get a merchant cash advance (MCA) from its payment processor in return for a percentage of future credit card sales. MCAs are usually much easier for new or small businesses to qualify for than traditional bank loans, and there are no restrictions on how a business uses the funds.

A few final tips — If a business finds its credit card transactions aren’t going smoothly, its payment processor can help make every sale a seamless one by providing the perfect hardware. And businesses should look for a payment processor that has experience in their business segment.

Scott Paape is senior vice president of sales and operations at Talus.

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