Electronic Payments Keeps Our Business Strong and Flexible
We run a bamboo flooring manufacturing business out of San Francisco. Historically, without credit cards, our customers have struggled to buy from us. If we didn’t accept credit cards, we wouldn’t be getting the most value out of our business.
Our customers are flooring/hardware storeowners, construction managers and general contractors. They get paid once they’ve either completed their work, or sold their products. When contractors or construction managers come to us, they’re usually just starting a project. When storeowners come to us, they’re restocking their supply of bamboo.
Though some of our customers have the money to pay us upfront, many rely on credit cards to hold them over until their services are complete, or they’ve sold their entire bamboo stock. If we were a cash-only business, we’d have to reject these buyers until they become financially liquid enough to pay us. Rejecting them would mean we’d have to wait longer for sales to go through. Ultimately, it would mean we’d lose money.
But there is another reason we accept credit cards. We do international business. Many of our customers buy from us online. Though our online buyers do use debit cards to pay for our products, many choose to use credit cards.
If we rejected credit cards, we’d cut ourselves off from a whole world of potential clients.
Tags: Business Growth, Customer Convenience