Why Businesses Need a Debit Card in 2022

In today’s market, 7 out of 10 businesses start closing before the end of their first year. Many entrepreneurs spend almost all of their time on their feet working in small industry niches, selling products and services to overexposed, oversaturated Americans. These people work hard to become experts in the industry, build relationships with customers, invest thousands of dollars so consumers can choose and read every book they make. succeeded in a weak economy. Visit https://247vcc.net/ to read more.

But despite all the noble success stories, 70% of new businesses fail. The question is: why? There are many reasons why people who follow the American Dream fall despite the passion of their hearts, their souls, their books, and thousands of hours of hard work on their business. Some think it’s because they put so much effort into selling their products and don’t take the time to build trust with their customers. Some would agree that business would be amazing if it was caused by the wrong thing and lived just five miles down the road. Many studies conclude that starting a business is not possible because manufacturers spend too much time becoming investors and do not have enough time as successful entrepreneurs to build business for future development.

This list could be an entire article (or book) on its own, but for now, let’s focus on the small steps every business can take to ensure they don’t become just another number: the decision to accept credit and debit cards. . Giving customers easy payment options in the most convenient way for them is a form of self-explanation when trying to figure out how to attract more customers. You can’t expect your business customers to regularly bring wads of $50 bills into the store. Every day, more and more consumers are opting for cash as a means of payment and carrying a debit card or two with them to make life easier.

No more worrying about getting change, no more waiting for the borrower to charge you three cents (I’ll throw away your coin cup right away), no more “wallet” fat added to your pocket. Solve the problem, you don’t have to mistakenly send a new $20 bill to the washing machine, and most importantly, you can benefit from it. You can make good payments with your debit card because you know you can see your past spending and trading habits almost anywhere in the world. Your expenses are backed by the banking industry, which reinforces the trust it has built with customers over the years. Safe, convenient, flexible and reliable, these little plastic sheets can more than double your business revenue.

To get to this point, here are some current facts about credit cards and their users.

1. Did you know that approximately $1,969,300,000,000 (trillions of dollars) of debit cards are issued each year? In 2002, according to the US Census Bureau, there were 24,846,832 easy-to-calculate businesses. In other words, if everyone contributed $1.9 trillion in credit card transactions, one in 24 million businesses would receive $79,257.59.

2. People don’t hesitate to use an average of 5x when paying with a debit card. Time to get out the calculator. Let’s say the starting price of an item is $29. In cash-only trading, anything you can do with a customer. With a debit card, you can get up to $145 per customer. the difference.

3. Just stick the Visa / MasterCard / AMEX sticker on your store door and you have taken the first step in attracting customers who have not visited your store. Imagine being able to easily exit at the last minute without seeing a trusted “Visa/MC/AMEX receipt”. I have done this myself before. How are you?

4. The final decision is that the competitors gave their customers credit card payment options. If you can’t compete at this level, you and your business will be on the way to the Dodo.

Now the question is, how can my business accept credit and debit card payments? Simply put, you need to find a service provider that you can trust. According to Wikipedia, “Business Service Providers provide services that enable businesses to accept payments from consumers using their credit or bank cards.” Simple, right? The next steps on how this change will work is the subject of another article, but here are some questions to ask when choosing an MSP:

One. How long have they been in business?
• Many underground startups disguised as legal procedures. Do your homework: check your BBB scores, make phone calls, visit websites, and go to physical stores.

2. Do you offer value-added services? • If you are a new business, you can engage in activities such as website development, business card design, registrations, mobile features, and other services to help you succeed. If you need a little help from your MSP, pick the one that meets your needs.

3. Where do you live?
• Some people look for local MSPs, some don’t. Your position on the following link is up to you.

4. Customer service: good, bad, lousy
• Many users are dissatisfied with MSP customer service. Find a place to discuss questions and issues with real people. Finding a site with 24/7 online and phone customer support is a great addition. Some MSPs are only available in continuous operation. It cannot be divided.