Posted on: 07 October, 2019
The Significance of Accepting Card Payments
The main objective of the majority of the companies is to make money and offer different payment methods to make sure that any of the prospective customers can make payments for the goods and services provided by the businesses. Some companies might deal predominantly in cash and others can accept cheques or bank transfers. Many firms offer card payments and some even embrace cryptocurrency.
The importance of offering card payments should not be undervalued. Cheque payments are outdated and can take many days to process that can cause cash flow problems. Similarly, dealing only with cash can mean consuming your precious time on trips to banks that could have been spent on something more productive.
There are many advantages of card payment, such as:
- Not all the customers carry cash so the facility to purchase through a card is required.
- Several potential customers expect to be able to pay in this mode.
- Offering flexible payment methods increases the credibility of your company
- Card payment is faster than a cheque or a bank transfer
- It is more safe and secure payment process as compared to payments through cash within company premises.
- Card payments can be accepted in various ways, like online, by phone, by mail orders and in person.
How can you accept by cards?
To accept card payments you are required to set up a merchant account with an acquirer. There are numerous organisations that offer similar services, like Worldpay, SagePay or Paypal.
Moreover, you need a terminal, or several terminals, for accepting the card payments. This can be an online terminal, an international card machine or a more complicated point of sale machine.
Hence, card payment is a faster and most secure method for any kind of monetary transactions. Moreover, nowadays the majority of the customers prefer card payments option more than cash and cheque.