Card Payments Have Changed The Small Business Landscape for the Better
Take it from someone who has been in business since 1953: credit and debit cards are a tremendous boon for small businesses. When I started my property rental and construction company, William E. Overbey and Associates, credit and debit cards weren’t even available. Now, they’re everywhere, and it’s not hard to understand why.
From a business perspective, it is so much easier to manage my accounts receivable when customers pay with plastic. I remember very clearly the days of sending invoices and expecting cash or check payments. You hoped that you’d get paid in a timely manner and not have to track down the client. If you got a check, you prayed it would clear.
Accepting electronic payments is much better for the financial health of my business. It saves me the time of processing cash and checks, and it gives me the added security of knowing that I will get paid on time. The benefits of guaranteed payment in the real estate business cannot be overstated. Since my fee for a major construction project can be substantial, a bounced check or a missed payment could be disastrous for my cash flow and my ability to purchase building materials. Thanks to electronic payments acceptance, I no longer have to worry.
Furthermore, my clients like the ability to pay with credit cards as much as I like accepting them. It’s much more convenient for them to be able to pay by swiping a card than having to remember to carry cash or their checkbook everywhere. My customers often tell me that they appreciate me accepting electronic payments, and I think that’s part of the reason why they hire me for their construction projects.
The way we do business has come a long way since 1953, and credit and debit cards are here to stay. Small businesses that don’t accept them increasingly risk getting left behind by customers who want to pay with plastic.
Tags: Business Growth, Customer Convenience, Transaction Safety, Value of Cards