Simply accepting credit cards can not only help you to command better profit margins, it can boost the likelihood you’ll succeed in selling lower-priced “add-ons,” as well as higher-priced items. Here are some options for accepting credit cards to make sales.
In Psychology Today, cognitive scientist Art Markman explains that people tend to forget prices more quickly and value them less when they’re paying with a credit card — versus parting with cold, hard cash. Likewise, impulse buying and average order sizes increase when customers can pay with credit. Simply accepting credit cards can not only help you to command better profit margins, it can boost the likelihood you’ll succeed in selling lower-priced “add-ons,” as well as higher-priced items.
If you’ve previously shied away from accepting credit cards assuming that you don’t know enough about the technology, or don’t do enough business to justify the cost, it’s time to familiarize yourself with the many affordable payment options that empower all types of small businesses regardless of where, how—or how much they sell. Here are some of the best payment processing options for small businesses ready to start boosting their business by accepting credit cards.
Not sure how to even go about developing your website so it’s equipped to accept online credit card payments? No problem. WePay equips you with everything you need to start accepting credit cards—including the ability to simply drag and drop provided HTML code to create “buy” and “register” buttons for your website. Its “We Pay Page Builder” even walks you through the entire process of building your own simple web store, complete with assistance for accommodating shipping and handling, tax and inventory. Though WePay offers secure payment processing, customers will never know that they have been transferred from your site to a third party vendor, which helps simplify the customer experience and reduce shopping cart abandonment. Rates are competitive at just 2.9% per transaction + .30 cents.
With PayAnywhere’s free card reader and app that is compatible with Blackberry, iPhone and Android devices you can accept Visa, MasterCard, American Express, and Discover cards with a transaction fee of 2.69% per swipe. You can also issue preauthorizations, voids, and refunds from either the app or the company’s website. Because the checkout process is fully customizable, you can input several categories and pricing for all the items you for faster checkout and fewer errors. Unlike many other mobile payment providers, PayAnywhere doesn’t just accommodate credit card transactions; you can accept and track cash payments and discounts, and send customized receipts to customers via email.
Breadcrumb by Groupon
Though it’s marketed to restaurants, Breadcrumb is one of the most affordable payment solutions (rates are just 1.8% and 15 cents per swipe transaction) and accommodates all small business owners who sell several items, and can use an iPad to conduct sales. You’ll especially benefit if you do less than five figures (or more than six) in monthly sales, and have an average order of at least $26. Though you’ll pay $15 for the card reader (offered for free by most other mobile payment processors), the current promotion waives fees on your first $5,000 in sales.