In order to build a business that relies on customers, you need to make their experience as the customer as convenient as possible. Part of this is providing them with convenient methods to pay for their products or services. Some small businesses toy with the idea of not offering credit cards as a method of payment, but as we will discuss, this can prove to be detrimental to your business.

All Businesses Can Offer Credit Cards

One reason a small business may not offer credit card payment is because they sell high risk merchandise, medication, tickets, or maybe online gambling. The typical credit card processors aren’t a fan of these high-risk businesses. Instead you can look into a high risk merchant account or a Firearm Merchant Account. These accounts are made specifically for high-risk businesses with the kind of inventory, products, and services that tend to see more stolen credit cards and even false returns.

Operating a high-risk business doesn’t mean you can’t still offer the same level of convenience when it comes to credit card payment.

You Don’t Want to Pay the Fees

Sure, getting a merchant account and then setting up the credit card terminal carries with it a cost. You will be paying a merchant fee and there isn’t usually a break just because you are a small business. For some businesses, the fees seem too high to warrant the merchant account.

Here’s the thing to keep in mind. While it is important to factor in the fees, it’s also important to factor in lost sales both right now and in the future. If a customer realizes they can’t use their credit card to pay, they may not make the purchase. It may also prevent them from ever returning to your store.

And while you may be thinking it’s only one customer, the fact of the matter is that referral is a big part of gaining new customers. If they don’t have anything good to say about you, then you can bet they aren’t going to be referring anyone.

Giving the Customers What They Want

For many customers, the big reason they use their credit card is that they have some sort of loyalty reward or cash back card. They are getting something out of using their credit card, so they want to be able to use it as often as possible. Often they will seek out the stores that accept that particular credit card just so they can continue to earn their points, rewards, and cash back benefits.

When you accept credit card payments, you are putting their needs and priorities first. Putting the customer first is something most business owners realize is key in running a successful long-term operation.

Create a Smooth and Convenient Experience

In the end, the better the experience you can create for your customer, the better for them and you. They will be more likely to refer you to others, and there’s a good chance they will return somewhere down the road. Offering them the option to pay by credit card is just part of giving them what they want and need.