Why Should You Accept Credit Card Payments?
Payment convenience matters much to your customers, so if you have an online business you should make sure that you offer this to your customers. Today, online transactions have become a global trend with millions of transactions happening each day. And payment methods that customers use to pay for a product have diversified. It used to only be credit cards that were accepted as payment methods before but now there are websites such as PayPal and other that offer payment solutions and have also become very popular. You can also find online stores today that only accept e-wallet payments and you are not given the option to use your credit card. Today, despite all the payment conveniences, people still opt for paying using their credit card as their first preference.
Why do customer prefer credit card payment over other payment methods?
The first reason is that there is no need to resister anywhere. With credit cards you don’t have to set up any account before you can use it to pay for your goods.
It is fast and convenient to use credit cards. It can be processed within second once your customer enters credit card details on the checkout page. There is an instant accept or decline message instantly. If you pay using your credit card you order will be shipped immediately once your payment is received because the funds are also deposited instantly to the vendors merchant account.
There is a better protection against fraud offered by credit card companies and it enable you to charge back if the merchandise is not what you expected. When customers but online they feel safe ordering a product with credit card payments because there is increased protection.
The special Verified by Visa and MasterCArd Secure Code program have additional security layers for all card purchases. Once this feature is implemented, the customer is asked to provide a certain password during a purchase. The makes the order safe and that the card is used only by the authorized person. Ordering of products have never been so secure. If you have this feature working on your website, then customers will trust your store more. As a vendor you no longer have to face possible chargebacks.
Credit card banks also offer reward points for using the card often. And you gain benefits if you have gathered enough points. That is why they prefer to use their cards even more.
Customers can pay you using their credit card limit. So, even if they don’t have enough funds in the bank, they can still purchase up to the limit. For businesses, this means an increase in sales.
Online stores have both local and international customers. Buying your products can be done by using their credit cards for the purchase.