4 Ways to Strengthen Your Business by Accepting Credit Cards

You might think that customer convenience is the biggest reason to take credit card payments, but the benefits extend to your business, too. From cost savings to quicker access to cash, taking cards offers advantages for your company. Here are four of the potential payoffs.

  1. Streamlined financial operations. Collecting and depositing checks takes time — from opening the mail to preparing and making bank deposits. Credit card payments, on the other hand, are deposited directly into your account. When you take credit cards you can also give customers the option to pay bills over the phone or through your website, which saves time for everyone. All that faster payment handling can give you and your staff more time to work on building your business, finding more customers and improving your services.
  2. Faster access to funds. No matter how quickly you deposit checks, it can be days before they clear and the funds are available in your account. Credit card payments are usually available sooner: If you use First Citizens for both merchant services and your business checking account, you’ll see funds from credit card payments in your account the next business day after transactions are processed1. And because it can be easier for customers or clients to use credit cards, they may also be inclined to pay bills more quickly. The result? When cash comes in faster, you’re better able to meet your obligations on time — or even to gain early-pay discounts from your vendors.
  3. Improved relationships. Customers want choices in how they pay, and these days, many expect to use cards for just about everything. Offering the option can make your customers happier and help you win new ones. And it’s not just consumers who want to use cards — businesses increasingly want to pay with plastic, too. If you take payments from other businesses, allowing them to pay with a credit card can be a real competitive advantage.

    Credit cards can help you deepen customer relationships in other ways. If you offer a monthly service, for example, you could invite customers to set up recurring card payments — and in the process, build a more lasting bond with them.
  4. Enhanced safety. Check or cash payments are vulnerable to fraud and theft, which unfortunately affect both you and your customers. One recent survey, Opens in a new tab2 found that 75% of business fraud incidents in 2016 involved checks — credit cards are a safer way to make payments. On the merchant side, EMV chip cards have made in-person payments more secure, and with the right precautions, online transactions can be protected too. When you reduce the risk of fraudulent or stolen payments, everyone wins.

Accepting credit cards can save time, give you faster access to funds, create stronger ties with your customers, and help keep transactions safe. To obtain the best payoff from accepting cards, choose a payments partner that knows your business and will help you make best use of your merchant services account.