Three Reasons Why Having a Payment Gateway Can Make or Break a Business


How does credit card payment processing work

Having a credit card payment processing system is a must for any business in today?s modern time. More customers are preferring to pay with plastic and shying away from cash. This makes having a payment gateway important for any business, from a website that allows shopping to a stall at a flea market. Many people feel that using these options are not only safer, but less stressful. They don?t have to worry about losing cash when they go shopping and can easily report a lost or stolen card to their bank if something were to happen. Sellers might be cautious, wondering if business merchant services are out of their price range. Some may feel the cost is too expensive and might not produce enough in sales. Others believe that customers might not feel comfortable in shopping online, thus making it an investment that is not worthwhile. There are several benefits to using a payment gateway to accept payments and keep customers interested in coming back. Read on to discover three reasons why payment gateways are helpful for any business to have.

Buying with Credit Cards is the New Norm for Shoppers, So Companies Need to Adjust to Provide

Credit cards are becoming more commonplace in shopping. A survey found that 7 in 10 individuals in America own a credit card. Many people also use debit cards. They look just like a credit card and even have a logo such as Visa or Mastercard, but take money directly out of the customer?s checking account. 43% of Americans choose to use their debit cards, while 35% feel comfortable using credit instead. A slim percent (9%) use cash when making purchases. Using a card method makes them confident when they go to make a purchase, since they can easily contact their bank if they are any problems with the purchase or if something becomes lost or is taken from them. Accepting a credit card payment should be the norm for any business, if they are based online or have a brick and mortar location. Online purchases are a given, since most customers would rather pay immediately rather than write a check and wait for it to clear. Stores with a physical location should understand that since fewer individuals carry cash on their person, they are better off providing alternative methods of payment. Thankfully there are different options for card payment processing, giving companies a choice in who they would like to work with.

New Businesses Need Credit Card Software to Build Sales

It is estimated that over 500,000 new businesses begin each month. While many start out with great ideas and new thoughts about how to service customers, it should be noted that unless they can provide a payment gateway to those who shop, they may not make the money they are thinking the business will bring in. There are many different types of credit card software for small business that not only consider the needs of smaller organizations, but are also cost-effective as well. Sales reps for individual payment processor companies can advise potential clients of which system would work best for their business.

Attracting Impulse Shoppers Online Can Result in Sales with the Right Payment Gateway

More individuals would rather shop online than ever before. While brick and mortar stores remain in business, many people find they can get the same item for less cost, and often with free shipping. It has been shown that when consumers are presented with online comparison shopping, these types of sites attract over 72 million views in a month. If a company found themselves on one of these sites and was given favorable reviews, they would be able to make a great deal of sales simply by having credit card processing platforms.

There are many benefits to providing customers the option to purchase with a credit or debit card. Most individuals prefer to use cards instead of cash for safety reasons. New businesses cannot succeed unless they work with their customers and provide them modern ways to purchase products. And for online shopping, impulse buys from customers can create a great deal of revenue in a short amount of time with the help of a payment gateway.

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