There’s an interesting infographic that was recently published here.
The infographic deals with companies that do or do not accept credit card payments. Now, you may think that this has relatively little to do with the acceptance of online payments but at second glance, you realize that this is not the case. If a company isn’t accepting credit cards as a form of payment offline, then odds are overwhelming that they’re not accepting them online either, never mind any other form of online payment processing.
The two most compelling statistics on the infographic are these:
First, 58 percent of consumers aged 35 to 44 say they will only shop at businesses that accept multiple forms of payment. Second, when the same question was asked of consumers aged 18 to 34, the percentage increased to 69 percent.
That’s just too compelling to ignore.
The most common reason that small business owners cite when they explain why they do not currently accept credit card payments online or off, is the expense. There are fees associated with each transaction, and those fees, at least in the eyes of those who haven’t embraced the technology, make it simply not worthwhile.
The second most common objection is the time and expense to get a system in place and up and running.
Both of these reasons, however, are standing on somewhat shaky ground. In the first case, companies like Paypal have been making huge inroads into the world of online payment processing. This has been forcing credit card companies to consistently lower their fees. It is certainly the case that there was a day when fees were higher, and perhaps high enough to serve as a barrier to entry for small companies who are highly sensitive to even minor changes to their profit margins. That hasn’t actually been the case for a few years now.
As to the time and expense involved with setting an online payment processing system up – odds are good that your company already has the basics in place. If you have a company website, then it’s actually incredibly easy to add a payment processing system to what you’ve already got. You’re several steps ahead if your website was built using the WordPress CMS, because WordPress comes with some excellent e-commerce plugins that makes accepting online payments about as painless as you can imagine.
The great thing about such plugins is the fact that they come with enough out of the box functionality to extend their use and usefulness far beyond “simply” accepting payments online. A plugin like “Woo Commerce” for example, can handle inventory tracking, re-ordering stock at predefined inventory levels, sales, and online coupons and gift codes. In other words, using a system like that would not only help bring in more sales, but would enhance the value of the company website you’ve likely already got up and running.
You’re not alone. There are thousands of businesses all across the nation that are not yet set up for online payment acceptance. The day is coming, however, when it just won’t be an option. Change before the times force you to. You’ll be glad you did.