4 Benefits Customers Receive with Credit Card Payment Processing
In terms of payment processing, credit cards are a generally new innovation. However, regardless of their recent introduction, in the 1940s, the benefits of using credit cards have surpassed cash. Credit cards are now a much better form of payment and payment processing than cash ever was.
When using cards, businesses and customers benefit from increased card protections, ease of use, and service from the card companies, allowing transactions to occur quicker and smoother. Here are the top four reasons why credit cards are better than cash for customers.
Easier to Return Items
Sometimes, items break or need replacement. If this is not the customer’s fault, it is generally accepted by business owners that they should receive a refund. While some items cannot be returned, like opened rare bottles of wine or undergarments, most can.
Difficulty arises when customers either lose their receipt or it is not legible due to the amount of time that has passed since their purchase. With credit card payment processing, this concern is not an issue.
Credit card companies keep transaction records for clients, and specific purchases can be tracked and printed out years later. When customers pay with credit, they also provide your business with a transaction record as well, since you are processing the payment with the card company.
Besides helping your customers, you are also deterring scammers from faking return claims. As a no-cash business, it will be harder for them to verify they purchased items at your store without a receipt.
Foreign Currency Issues No Longer Matter
As a business owner, you must have experienced this at least once every few months. Foreign tourists come into your shop but do not have the correct currency or amount to purchase desired items.
With credit card processing however, the card company will convert currency automatically during a purchase. As long as the customer has sent their company a travel advisory prior to leaving their region of residence, they should not have any problems buying items abroad.
Switching to credit card payment processing will allow you to offer greater convenience to out-of-town visitors and tourists, increasing sales revenue and customer base as word of your business will travel internationally via word-of-mouth.
More Secure than Loose Cash and Coins
It has happened to all of us. Notes get wet and become useless, or coins fall out of our pockets. With credit cards, all customers have to do is take the card from their wallet or purse and put it back. As long as the magnetic strip is safe, credit cards can withstand much abuse.
Physically, it is a more secure form of payment than cash. PINs deter theft, and most business ask for identification cards to accompany credit cards during purchase. With cash, once it is stolen it is gone and is useable by anyone.
Furthermore, if a customer unknowingly hands you a counterfeit bill, even if they received it from their bank, you cannot legally accept it. This is frustrating to customers, who may believe you are treating them unfairly.
With credit cards, the card company has to approve transactions before they are approved. It is much harder to fake a payment with cards than with cash, protecting both your business and the customer’s best interests.
Great Customer Service If a Payment Issue Arises
If payment issues arise when processing cash, there is not a lot anyone can do. Banks will not accept fake bills, and businesses will not accept torn, foreign, or counterfeit cash. With credit card processing, if an issue arises customers can simply telephone their card company for help.
Customer service for credit card companies generally have both a domestic and international toll-free telephone line for customers’ convenience. If a travel notice needs to be placed, the credit limit needs to be raised, or if the card is expired or non-functional, a quick call to customer service can be very beneficial.
As a business owner, this is also very convenient and beneficial to you. Customers can quickly go to their bank or a sister bank, correct the issue, and return to pay for their purchases. If payment issues were to arise when a customer paid cash, you might lose the sale. Now, with credit card payment processing you can recover it, and increase revenue.