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Are you a retailer and want to accept credit cards? See below how retailers receive installment payments from credit cards, and also learn about the benefits of accepting credit cards in your business.
Considering that credit cards are increasingly becoming the primary means of payment, you could be missing out if you are running a business that does not accept credit card transactions.
You may be considering accepting credit cards as a form of payment for your business. No matter what type of business you are in, accepting credit cards can increase sales and generally produce positive results for your business.
Therefore, see below how the retailer receives payment in installments from the credit card.
The process on how the retailer receives from credit card Paying in installments is very simple, if your customer buys in your store in installments with a credit card, you just need to purchase a machine to carry out the operation, this is your only job as a store owner.
With the machine in hand, simply enter the total purchase amount and how many installments your customer wants to pay in. The installment options are usually: 3x, 6x, 12x, or even 24x (if your store accepts it, of course).
Afterwards, the next step is to ask the customer to enter the password into the machine, and that’s it, the transaction is complete.
Here is an example of a purchase paid in installments on a card: If your customer buys your product or service that costs R$600.00 in 4 installments, the installments they will pay per month will be R$150.00, but the amount paid for the purchase will go to your account in full.
So you might be wondering, will I only receive the purchase amount later? Or months later? The answer to these questions is yes, depending on the device, you can anticipate the receivables, that is, anticipate the purchase so that the amount goes to your account faster.
Accepting credit card payments will establish your business as legitimate in the industry. Displaying the logos of the credit cards you accept on your website or at your cash register will catch the attention of the cardholder and make them more likely to trust your business.
Providing current and potential customers with more options when it comes to credit card payments will make them happy and satisfied with your business, which will ultimately improve your market position.
Therefore, accepting credit cards will increase the level of legitimacy of your business and build rapport and trust with your customers.
Cash-only operations will impede the company's sales and potentially cause the company to lose hundreds of potential customers.
However, when a business accepts credit card payments, its potential customer base expands massively as more customers are attracted, likely increasing sales.
Accepting credit card payments virtually eliminates any risk of having to deal with issues surrounding receiving a bad or bounced check.
You won't have to risk a large portion of your money on bounced checks or waste time tracking down the customer to properly pay for the products or services.
In most cases, credit card transactions are processed electronically and can be settled quickly.
Proceeds are deposited into your business bank account by the processor within a matter of days. This not only increases and improves your cash flow, but it will also eliminate hassles with checks and invoice collections from your customers.
It's true that a business can fall behind the competition if it doesn't accept credit card payments, especially when competitors do.
In order to survive, a business must accept credit card payments, which will obviously put it on an equal footing with other competitors in the market.
Many businesses, especially small businesses, may be concerned about incorporating credit card payments thinking they are expensive, which is not true.
Credit card rates are so low that even the smallest business can accept them.
Either way, if your business doesn't yet accept credit card payments, these are just a few reasons why you should consider incorporating it into your business.
It's a great way to increase sales and is important for other components of the business.
Now that you know how retailers receive installment payments from credit cards, how about getting a card reader for your business? Embrace technology and stay I live in the market.
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