Many small business owners resist accepting credit and debit cards because they want to save money on equipment and processing fees.
eVero login offers a wide range of payment options, including credit card, debit card, PayPal and bank transfer. This ensures that merchants can accept payments from a variety of sources.
While this is a real cost incurred by business owners, the increase in customer base will far outweigh the cost of a business account in the long run. Recent reports have shown that consumers’ preferred payment method is debit cards, especially among the young audience. PIN-based and signature authorized card transaction volumes are expected to grow exponentially over the next few years.
Transaction World article
According to the Transaction World article “New Positive Implications Abound with Debit Cards” by Judith McGuire and Tony Hayes, bank debit cards have penetrated the world of transactions in a big way. 55 card-issuing financial institutions participated in the consumer card survey. What they found was remarkable. 3 out of 4 authorized accounts at these institutions could be accessed using a payment card and 85% were able to initiate PIN and signature authorized transactions.
High debit penetration rate
This high debit penetration rate and the continued growth of PIN-based cards as the preferred payment method should be taken note of by all small business owners, especially small businesses that do not accept credit cards. Service businesses are a prime example of an industry underserved by merchant accounts. Service businesses such as landscapers, pool maintenance operators, cleaning companies, personal trainers and accountants could benefit greatly from accepting credit and debit cards. Convenient payment methods attract customers and reduce old receivables.
Debit cards
The rise of debit cards as the preferred consumer payment method is a notable trend that will continue to rise as financial institutions make bank funds available through card payments. Young consumers who have grown up with PIN-based and contactless payments will continue to drive the growth of card purchases in 2014.
