Many small businesses are still reluctant to accept credit and debit card payments on their online store, being somewhat intimidated by the process. And it is easy to understand why: getting a merchant account application processed and accepted can prove to be quite a daunting and lengthy task, and the possibility that your request will be declined is always a concern.
However, accepting and facilitating credit card payments on your online store is a must and a necessary step towards boosting your sales and increasing your customer-base. Now, let’s go over the different factors to take into consideration and introduce you to a simple way to accept debit and credit card payments for your online store.
Why should your business accept credit card payments?
Simply put, businesses that do not yet accept credit and/or debit cards are missing out on increasing their online sales and profit.
Studies show that the majority of customers prefer to pay by credit and debit card and will be more likely to make a purchase or increase their average spending, when given the convenience of purchasing by card.
In addition, accepting credit cards will encourage impulse shopping. Do you offer discounts and/or promotions? Make it simple for your customers to take advantage of your store’s special offers.
In the UK, about “91% of the adult population have a debit card and 61% a credit card”. With online spending using debit cards reaching £35 billion compared to £34 billion on credit cards, according to the UK Cards Association.
In summary, these are some of the major benefits of accepting card payments:
- Boost sales
- Attract more customers that prefer to use this payment option
- Increase customers’ spending and impulse shopping
- Improve your cash flow
How to get started
To start accepting credit and debit cards, you will need to set up:
- A Merchant Account
- A Payment Gateway, linking your online store to your Merchant Account
Some business information, to enable the Payment Processor to assess your application, should be provided: the type of business you're in, sales revenue, number of transactions
The best solution available to UK Small- and Medium-Sized Businesses
PaymentSense has quickly become the card processing partner of choice for many small- and medium-sized businesses, thanks to their:
- Swift Merchant Account approval process - meaning your online store could be accepting card payments within 24 hours, following approval
- Affordable, fixed price plans
- Dedicated customer service
- No long-term agreement requirements
PaymentSense is the UK’s largest Merchant Services Provider servicing over 30,000 SMEs and their payment module - compatible with v220.127.116.11 - v18.104.22.168 - is now available to UK PrestaShop merchants, native in the software or, for free, on PrestaShop’s Official Marketplace.
Download the PaymentSense module now and never miss a sale again!