Wednesday, May 21, 2008

Get the Goods: Now Accepting Credit Cards

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Picture Your World Photography is now set up to accept credit card payments via PayPal. Colleague Dave Scott recommended his blog readers to follow this business practice, adding that doing so himself increased his sales by 21 percent for shooting specific services, namely portraits.

According to Merchance Made Easy, accepting credit cards may increase sales by as much as 50 percent or more. Credit card users spend nearly 3 times as much as cash customers, and credit card users are less concerned with comparison shopping than cash or check customers. Customers also prefer merchants who accept credit card and ATM card payments.

As a consumer myself, I personally appreciate it when I can pay for a purchase using my credit or debit card because I rarely keep cash on me. I thought my customers would like the same convenience, so I took Dave's advice and opened a Paypal, "PayFlow" Account. My bank serves as my merchant account services while Paypal acts as my gateway for accepting payments. I paid a one time set-up fee for both Paypal and my bank, and I also have minimal monthly service and transactions fees. My Virtual Terminal application is pending to also be able to accept a client's credit card information securely via your web browser and get a transaction number and confirmation code right away.

It's not enough to accept credit cards. Dave suggests going one step further by letting your clients know to with key phrases such as "We Accept Credit Cards" in your graphics, logos, email signatures and newsletters. "Remember, accepting credit cards is all about making it easier for more clients to spend more money which leads to an increase in your bottom line," Dave explained.

1 comment:

Dave Scott said...

I didn't know that credit card customer do less shopping around. That is a great fact to know!

Thanks for that tidbit and I am glad you are now accepting CCs!!

-- Dave

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