How to Start Accepting Credit Card Payments for Small Business Owners?

According to the Economic Times, consumers spent around Rs 6 lakh crore using credit cards in 2018–19 which is 30% more than a year ago. This shows that people are widely using credit cards besides debit cards. If you have a small business, the cost to accept credit card payment can be a little high. But it can help you to scale your revenue. It can increase your customer base, build credibility and boost sales volume.

It is very simple to accept credit card payment for small businesses. There are a registration and setup process but it is not as complex as you think.

Advantage of accepting credit card payments for small business:

• Builds credibility among consumers: When the logos of the credit card are displayed on the website, it gives a sense of credibility to the customers and legitimizes your business. This will build a rapport and trust of your business among customers.
• Eliminates the risk of security: With increasing online frauds, it is important to maintain the security level to prevent such activities. Credit cards have security features that provide peace of mind against online data breaches.
• Boost Sales: Providing your customers with more payment options pleases them and gives good customer experience. It broadens your customer base and attracts potential customers and thereby helps in increasing your sales.
• Encourages buying: Other forms of online payment might limit the expenditure of customers. But credit card payments can encourage impulsive buyers to make a purchase. Customers tend to spend more using a credit card.
• Saves time: To accept credit card payments, you need a payment gateway that comes up with many features. One of the time-saving features is invoice generation. It generates invoice copy without having to generate it manually which can be shared with the customer via email, SMS and social media.
• Eases reporting and reconciliation: Since all credit card payments are processed on one interface, reporting and reconciliation become very easy.
• Makes you competitive: If your competitors are already accepting credit card payments, you might lag behind your competitors. To survive in this cut-throat competition it is important to level up your game and start accepting credit card payments.

Originally published at PayKun Blog on February 27, 2020.