ss_blog_claim=bd50edc517cf0b7549fe6b5f63b6b5f8 The SLS Business Finance Blog: What’s In A Credit Card? The Argument Supporting Credit Card Acceptance For Professional Businesses, too

Monday, June 11, 2007

What’s In A Credit Card? The Argument Supporting Credit Card Acceptance For Professional Businesses, too

Credit card acceptance has become such a prized commodity, people shrill when they go to a business and don’t see the Visa/MasterCard logo advertised. Although cash in hand is a luxury that most people strive for, more and more of us are relying on credit cards to make payments if for no other reason than the sheer convenience it provides. Most retail and restaurant businesses accept them because:

A.) They know that their customers will frown upon them for not accepting them.
B.) Retailers enjoy the guaranteed convenience of a 1-2 day settlement on funds and the peace of mind in knowing that they will not have to deal with a returned check.

How does this process play out in professional industries such as: Attorneys, Consultants, Manufacturers, Building Contractors, and Government Entities? (just to name a few)
Wonderful is the short answer! More and more businesses have moved to corporate and purchase credit cards as payment for their products or services rendered. Although many industries still rely on a Net 60-90 day payment schedule, most have opened their eyes to the world of electronic payment processing. Why invoice a customer for services rendered when payment can be taken in the form of plastic? No more man hours wasted on administrative tasks such as billing, postage, and time spent on collecting insufficient funds. With a variety of options in which the business can now accept a credit card payment, the argument for accepting credit cards becomes crystal clear.

The biggest break through for professional industries in the past few years has been the ability for a company to accept Visa/MasterCard via their own computer. With the help of a simple internet connection, a business can log into a secure website and input a credit card transaction with a few simple key strokes. This method alleviates the need for costly equipment as well as on site technical support.

Why is credit card acceptance a fit for just about any business? Because it allows companies the freedom of making money instead of finding new ways of collecting on it and let’s face it, no one carries around their checkbook anymore.

Todd Rome
Director, BankCard Services
Southern Lending Solutions, LLC

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