AcceptCreditCards.co.uk recently launched an effort to help business owners switch to merchant accounts, citing data that shows credit and debit card purchases account for approximately 70 percent of annual business revenue in the U.K.
“In our current age of technology, it is critical to a business’s customer base that credit and debit cards be accepted,” Jude Shepherd of AcceptCreditCards.co.uk said. “Since most consumers prefer the convenience and security of paying with a card, businesses that accept such payment methods tend to attract more customers than those who only accept cash. Customers generally spend a great deal more money when using credit cards, so being able to accept credit cards can result in a substantial revenue boost for the business. Credit and debit card payments usually allow funds to be transferred more quickly than with personal checks, and fewer cash transactions will reduce the time and risk of mistakes involved in payment acceptance and record keeping.”
Jude said businesses will have the ability to enhance their presence and reputation “by tapping into the prestige of being associated with Visa, MasterCard and other major card providers.”
“Despite the advantages of accepting debit and credit cards, the initial process of setting up a merchant account can be complicated,” Shepherd said. “With the various choices available and the charges that come along with each option, choosing the wrong type of account can actually impede profits.”