Are you a shopkeeper and want to accept credit cards? Here's how shopkeepers get paid by credit card in installments, as well as the benefits of accepting credit cards in your business.
Considering that credit cards are increasingly becoming the main means of payment, you could be missing out if you're running a company that doesn't accept credit card transactions.
You may be thinking about accepting credit cards as a form of payment for your business. No matter what type of business you're involved in, accepting credit cards can increase sales and generally produce positive results for the business.
So here's how shopkeepers receive credit card payments in installments.
How shopkeepers receive credit card payments in installments
The process of how the shopkeeper receives the credit card If your customer buys from your store in installments by credit card, all you have to do is buy a credit card machine and that's all you have to do as a shopkeeper.
With the machine in hand, all you have to do is enter the total amount of the purchase and how many times your customer wants to pay in installments. Usually the installment options are: 3x, 6x, 12, or even 24x, (if your store accepts it, of course).
The next step is to ask the customer to enter their password into the machine, and that's it.
Here's an example of an installment purchase: If your customer buys your product or service that costs R$ 600.00 in 4x, the installments they will pay each month will be R$ 150.00, but the amount paid for the purchase will go into your account in full.
So you're probably wondering, but will I only receive the purchase price afterwards? Or months later? The answer to these questions is yes, depending on the machine, you can anticipate the receivables, that is, anticipate the purchase so that the amount goes faster into your account.
Benefits of accepting credit cards for your business
Credit cards legitimize the business
Accepting credit card payments will establish your business in the sector as legitimate. Displaying the logos of the credit cards you accept on your website or cash register will catch the cardholder's eye and increase the likelihood that they will trust your company.
Providing current and potential customers with more options in terms of credit card payments will please them and make them satisfied with your business, which in essence will improve your position in the market.
Therefore, accepting credit cards will increase the level of legitimacy of your business and build rapport and trust with your customers.
Accepting credit cards can increase sales
Cash-only transactions will impede the company's sales and potentially cause it to lose hundreds of potential customers.
However, when a company accepts credit card payments, its potential customer base expands massively as more customers are attracted, probably increasing sales.
Cards can eliminate the risk of receiving bad checks
Accepting credit card payments virtually eliminates any risk of having to deal with issues revolving around receiving a bad or unfunded check.
You won't have to risk a large part of your money on bad checks or waste time tracking down the customer to pay properly for the products or services.
Credit card payments can improve your business's cash flow
In most cases, credit card transactions are processed electronically and can be settled quickly.
The proceeds are deposited into your business bank account by the processor in a matter of days. This not only increases and improves your cash flow, but will also eliminate problems with checks and collecting invoices from your customers.
Put your business on an equal footing with competitors by accepting credit cards
It's true that a company can fall behind its competitors if it doesn't accept credit card payments, especially when its competitors do.
To survive, a company must accept credit card payments, which will obviously put it on an equal footing with other competitors in the market.
Credit cards are reasonably cheap for a company
Many companies, especially small businesses, may be worried about incorporating credit card payments thinking that they are expensive, which is not true.
Credit card rates are so low that even the smallest company can accept them.
In any case, if your company doesn't yet accept credit card payments, these are just some of the 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 shopkeepers receive credit card payments in installments, how about getting a credit card machine for your business? Embrace technology and stay alive in the market.
If you liked the information above, leave a comment below and let us know what you think about how shopkeepers receive credit card payments in installments.
