When it comes to processing payments, is your small business cutting-edge—or living in the past? Gone are the days when employees use cash registers and ledgers to tally up sales.
Instead, businesses large and small have embraced the payment processing system. They allow you to accept credit cards, quickly handle refunds and exchanges, and even accept online orders.
If your company hasn’t yet made the switch to credit card processing, you should, as it can bring plenty of advantages to your business. Keep reading to learn five key reasons why every small business should invest in a credit card processor.
- A Payment Processing System Reduces Human Error
One of the best reasons to consider credit card processing is that it reduces human error. Imagine a crowded Saturday morning in your shop, with a long line of customers—your cashier is going to get flustered and may very well make mistakes!
Having to manually add up sales, count cash, and process exchanges can be stressful, taking its toll on your employees. Plus, human error, while obviously not intentional, can result in incorrect payments that cost your company money over time.
If you want to make life easier for your staff and ensure that all sales are calculated correctly, we recommend upgrading to a credit card system. Most systems are very easy to learn, so you and your staff will be up and running in no time at all.
- It Makes Tax Time Much Easier
One of the toughest parts about running your own small business is tax time. Most companies pay tax quarterly, so it probably feels like tax time is always rolling around before you’re ready.
If you want to streamline your tax processes, one of the best things you can do is switch to a credit card processor. Because your records are more accurate, and you have a paper trail for every transaction, it’s much easier to go through your business records to work out how much you owe.
Should you happen to get audited, it will also be easier to cope with, since you can quickly provide the IRS with your transaction records.
Many payment processing phoenix az systems also integrate with accounting systems like QuickBooks, so they can save you time.
However, we know that selecting the right payment processing system is a big task, so do plenty of research before making a decision— this helpful eBook is another great resource to check out.
- Your Data Will Be More Secure
Unfortunately, hacking and cyber theft are becoming increasingly common, with many businesses worrying if their customer data is secure. You need to keep your company data safe, but you also know that you need to move away from old-fashioned paper records.
Another great reason to consider a payment processing system is for security.
All credit card systems will come with enhanced security. This means that financial and customer data is protected when transactions are made through the system.
This provides your customers with valuable peace of mind that they can shop safely at your store, plus it gives you the security that your financial data won’t be compromised.
With your new system, you can ditch the paper records and filing systems to move safely into the digital space.
- Expand Into the Online Market
Have you ever wanted to expand into online sales? Your brick and mortar store may be doing well, but by moving into e-commerce, you can have access not only to local shoppers but to the whole country.
Over 69% of Americans have shopped online, with that number rapidly growing. We appreciate the convenience and variety it offers, but to buy online, shops need to have a credit card ordering system in place.
You can’t take cash sales online, so if you want to sell online, you need to have a secure credit card payment system set up on your website. Your new payment processing system will be able to integrate with your website, offering secure transactions for online ordering.
If ordering online is an important consideration, just look for credit card systems that you can set up both in-store and online.
- Increase Productivity
In the business world, time is money. You need to be as efficient as possible, especially when it comes to finances.
With a new credit card system, payments will be taken as fast as possible. This means no more waiting to dial-up connections, as modern systems are lightning-fast.
They use wi-fi to process payment and some even allow customers to simply tap their card and go—you can even email them the receipt!
Faster processing means customers aren’t waiting as long at the check-out. Plus, employees can process sales faster.
The frees up more time for other tasks like taking phone calls, answering customer questions, or restocking.
In a busy world, customers expect convenience when they shop. If your store is too slow when it comes to payments, there’s a chance that they may take their business elsewhere.
Find the Right Payment Processing Provider for Your Business
If you’re ready to take your business to the next level, it’s time to invest in a payment processing system for your company.
Have the reasons above demonstrated how you can improve your business? If so, start doing research on the various options until you find one that meets your needs.
Once your new system is up and running, you’ll love the speed and convenience it brings to your company, so get started today!
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