5 Surprising Ways Card Acceptance Can Grow Your Small Business

Neil Hare
Tue, 02 May 2017 12:58:09 +0000

Small businesses are the backbone of our economy. They take the lead in innovation and job creation and are critical as we look to grow our economy at a faster rate. Master Your Card, a community outreach and empowerment program sponsored by Mastercard, joins the Small Business Administration in celebrating small businesses across the country during National Small Business Week.

At Master Your Card we strive to support small businesses by educating and informing them on the benefits of card acceptance and the latest payment technology. Our goal in this program is to help small businesses compete and thrive in our changing economy.

From customer service and sales to security and bookkeeping, card acceptance and payment technology play a vital role in a successful business.

Below are five examples of how card acceptance can help your small business grow:

1. Expand your customer base. Customers report a preference for payment cards when making purchases. When you accept cards, you are showing your customers that you care about offering them the safest, simplest, and most convenient option for making purchases.

2. Grow your revenue. Studies show that customers will spend up to 16% more when using a payment card. It’s estimated that a business that doesn’t accept cards misses out on approximately $7,000 in sales each year. Your business shouldn’t be missing out on those profits.

3. Improve your safety and security. Your business is always protected in case of fraud and your customers know that their money is safe when they use their cards. Prevent fraud by investing in the latest technology like chip-cards, and take advantage of additional security available with mobile wallets and contactless payments. Your customers will thank you.

4. Easily manage your money. Accepting cards also gives you access to the behind-the-scenes accounting tools that make it easier for you to manage your money, letting you spend more time on your business. Get instant access to your account information; set up automatic payments; and use digital bookkeeping to help eliminate human error.

5. Use the latest technology to compete. Getting set up with the latest technology to accept electronic payments helps you compete with businesses of any size down the block and around the world. Talk to your processor about accepting contactless and mobile payments using the newest technology on the market.

The ability to start and run a successful small business is a major driver of the American economy. Taking advantage of the latest payment technology is one way to ensure your small business is on track to succeed. Master Your Card is here to help you by arming you with the knowledge and resources you need to build and grow your business.

Visit www.masteryourcardusa.org to learn more.