5 Ways to Leverage Credit Card Acceptance
If you accept credit cards, you’ve probably found it helps legitimize your business and builds trust with your clients, but you may not know that promoting you accept credit cards has its own advantages – or that better rates are possible.
Ben Sicnolf, a payment processing specialist with i3 Merchant Solutions, explains easy ways to leverage credit card acceptance and make the most of how you accept payments in the business-to-business industry.
#1 Win More Bids
“Regardless of who you’re working with, businesses expect to pay by credit card because it’s secure and – furthermore – it’s convenient. Without that option, potential clients may take their business to a competitor that does accept credit cards,” Ben explains. “Promote that you accept credit cards to give yourself a leg up on the competition.”
#2 Influence Payment Terms
Since standard payment terms in the construction industry can range from 30 to 60 days from the date of invoice receipt, you may be able to beat that by adding shorter payment terms to customer contract agreements moving forward.
#3 Streamline Processes with Software Integration
By integrating your payment processing platform into your current accounting or ERP software, day-to-day business operations become more efficient. This can help you save time, reduce errors and simplify reconciliation.
#4 Customize Your Experience
Whether you’re accepting payments at your location or offsite, there’s a variety of ways to accept payments and you want to work with a company that offers the solution that works for you. It’s important to be aware of these options so you can pick the right solution – or a combination – that fits your business needs.
#5 Ask if You Qualify for Level 3 or Large Ticket Processing
Level 3 and large ticket is special processing for corporate or purchasing cards, which essentially means the more (automated) data you collect during a credit card transaction – and the larger the transaction – the lower your interchange rates.
“If you’re doing business-to-business transactions and you’re not aware of level 3 or large ticket rates, you need to be,” Ben explains.
Get More Information
To learn more about credit card acceptance solutions and level 3 and large ticket processing, contact i3 Merchant Solutions today.
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