Benefit of Accepting Credit Card Payments
If you have an online business, the most important thing is to be able to offer your customers the convenience of paying for their purchases. Business transactions worldwide happen each day with millions of consumers buying products and services in online stores. And payment methods that customers use to pay for a product have diversified. Credit cards used to be the only way you can pay for online purchases but today companies have sprung up offering payment solutions to customer and websites like PayPal and others also offer payment convenience and is now becoming very popular worldwide. There are some online stores that accept only e-wallet payments without any direct credit card payment option. Today, despite all the payment conveniences, people still opt for paying using their credit card as their first preference.
So what is the reason behind this credit card payment preference?
The first reason is that there is no need to resister anywhere. There is no need to open an account on any website to make a purchase.
Using credit card is fast and convenient. When a customer enters the credit card details on the checkout page, it can be processed in seconds. It the payment is approved or declined, you get to know it instantly. Your orders will be shipped immediately once you have made your payment and the fund are deposited instantly to the vendors merchant account.
There is a better protection against fraud offered by credit card companies and it enable you to charge back if the merchandise is not what you expected. With this increased protection against fraud customers are more confident in buying their good using their credit cards.
Visa and MasterCard now have the special Verified by Vis and MasterCArd Secure Code program that gives card holders additional security layers for all card purchases. Once this feature is implemented, the customer is asked to provide a certain password during a purchase. This ensures the safety of an order and the card is used only by the authorized person. Ordering of products have never been so secure. Websites with this feature brings in more sales. You also as a vendor will be protected from possible chargebacks.
If you use your credit card often, banks usually offer reward points. And you gain benefits if you have gathered enough points. That is why they prefer to use their cards even more.
Customers can pay you using their credit card limit. So, even if they don’t have enough funds in the bank, they can still purchase up to the limit. Business sales can increase because of this.
You reach international customers selling online. Buying your products can be done by using their credit cards for the purchase.