Which payment method is best for your business?
February 8, 2018
By Kerry Wezner, courtesy of SBAM Approved Partner International Bancard
For years, it was commonplace for businesses to accept cash or check, but as credit and debit cards became more popular, they soon became one of the most common consumer payment methods. In fact, did you know that according to the Federal Reserve, nearly 60 percent of U.S. consumers use cards over cash? Preferred payment varies by age, but it is millennials who are leading the plastic preference, even for smaller purchases.
Knowing that credit and debit cards are favored by consumers, it should come as a shock that in an Intuit survey, it was found that 55 percent of U.S. small businesses do not accept credit cards. If you don’t want your business to be one of more than half in the country that are missing out on credit card sales, International Bancard is available to talk payment methods with you!
EMV Chip Cards
Credit and debit cards do not need to be the only payment method your business opts to go with. EMV, or chip cards, are increasingly popular, as many banks and credit card companies have switched to this route for the added security benefits. Not only do EMV chip cards help keep the customer safe, they also help keep your business safe. Another perk is that EMV’s are found worldwide, which can help you be consistent with the global market and consumers! International Bancard is fully equipped to help your business make the transition to EMV-supported devices, and will make sure that you are prepared to do so.
Mobile Payments and Beyond
The opportunity to see your business grow even more can be found by opening to other options, such as mobile and online payments. Payment acceptance equals more sales, which in turn represents growth; and in our world, growth is always the goal! Equipping your business for gift card sales and payments is another option to consider. Gift cards can help increase sales, build brand awareness, reduce the risk of fraud, and also carry a greater perceived value with the consumers.
Finding the right payment method is not something you should decide on overnight, and is a decision that should be solidified only after doing the proper research first. Luckily, you can have International Bancard in your corner to discuss options and form a plan. Since we can provide payment acceptance solutions for credit and debit card processing, mobile payments, ACH, check acceptance, EMV solutions and gift card programs, we can help you come up with just the right plan for your business.
If you are working towards finding the best payment methods for your business, please reach out to SBAM and International Bancard today at (877) 280-4156 or online. SBAM members receive an EMV-certified terminal for only $199!