Why Should You Accept Credit Card Payments?
Payment convenience matters much to your customers, so if you have an online business you should make sure that you offer this to your customers. Business transactions worldwide happen each day with millions of consumers buying products and services in online stores. And now there are many ways by which a customer can pay for a product. Credit cards used to be the only way you can pay for online purchases but today companies have sprung up offering payment solutions to customer and websites like PayPal and others also offer payment convenience and is now becoming very popular worldwide. You can also find online stores today that only accept e-wallet payments and you are not given the option to use your credit card. Credit card payment is still the preferred payment methods for most online customers.
So what is the reason behind this credit card payment preference?
When you use your credit card in making payment you don’t need to register or set up an online account. With credit cards you don’t have to set up any account before you can use it to pay for your goods.
It is fast and convenient to use credit cards. It can be processed within second once your customer enters credit card details on the checkout page. And it is also instant when they get approved or declined. Your orders will be shipped immediately once you have made your payment and the fund are deposited instantly to the vendors merchant account.
Today, credit card companies offer a better protection from fraud and you are able to chargeback a company for a wrong merchandise. When customers but online they feel safe ordering a product with credit card payments because there is increased protection.
Visa and Mastercard holders have additional security layers for all card purchases with the special Verified by Visa and MasterCard Secure Code program. With the implementation of this feature customers will only be asked for a password during the purchase. The makes the order safe and that the card is used only by the authorized person. When they order products, customers feel safe. If you have this feature working on your website, then customers will trust your store more. and you will be protected from possible chargebacks.
If you use your credit card often, banks usually offer reward points. This can bring them benefits in the long run. So this is the reason why they want to use their credit cards more.
Customers can pay you using their credit card limit. Even if they don’t have enough funds at the moment they can still borrow money from the credit card provider bank. For businesses, this means an increase in sales.
You reach international customers selling online. Using their credit card would be their best option than any other payment methods if they buy your products.