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Can you increase your sales just by accepting credit cards?
By Eisla Sebastian
If you have a business and want to increase your competitive edge, then you need to accept credit cards online.
Today, businesses have to accept credit cards online to survive. If you have a business and want to increase your competitive edge, then you need to accept credit cards online.
Why you need to accept credit cards
Cash and personal checks are quickly being surpassed by credit and debit card payments. Modern consumers are mobile and digital. This means that they want to complete their financial transactions quickly and efficiently using their credit cards and debit cards. If your Web site does not accept credit cards, potential customers will either question the validity of your business or they will go to another online vendor that does accept credit cards online. You can't afford to lose customers to your competition simply because you don't accept credit cards.
Increasing your sales
Reports have shown that online businesses that accept credit cards online see a jump in their sales by 20 to 30 percent, according to Visa USA. In addition to seeing a rise in sales volume, business owners that accept credit cards will also see a dramatic shift in the payment options selected by their customers -- most will opt to pay using a credit card.
How to accept credit cards online
You have a couple of options to accept credit cards. Your first option is to set up a merchant account. A merchant account will allow you to accept credit cards yourself. There are some drawbacks to this option:
- You are responsible for ensuring each transaction is legitimate and not fraudulent.
- Merchant accounts can be expensive.
- They can be difficult to get.
Your second option to accept credit cards online is to work with a third party vendor that will accept credit cards for you and handle your credit card processing. This option is generally more affordable and requires less work to manage.
Article by Eisla Sebastian
Published: May 27, 2009
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