At Iban Wallet Mexico, we highlight the importance of implementing card payments in your business, especially considering that SMEs represent more than half of the jobs in Mexico. According to data published by BBVA, SMEs make up 99 percent of the private sector in Mexico and 53 percent of the jobs. However, around 33% of new companies fail in the first year, and only 35% continue to operate after 5 years. Although the reasons are varied, a key factor is the poor management of finances and cash flow. At Iban Wallet Mexico, we believe that the use of cards can significantly improve these processes.
Moreover, accepting credit and debit cards in your SME has multiple benefits that can help you overcome the first years of operation, which are the most challenging for any startup. Here are 5 benefits of card payments for your business:
Competition: Direct competition is inevitable in most businesses. Offering an added value, such as the ease of paying by card, can attract more potential customers. If your SME does not accept this type of payment, you would be at a competitive disadvantage.
Impulse Purchases: Although financial education is becoming more common, impulse purchases are still frequent and can represent significant income for your business. A study by MIT indicates that customers tend to spend 83 percent more when paying with credit cards, representing a great opportunity.
Data Analysis:Poor financial management is one of the main causes of SME failure in their first 5 years. Having a terminal not only facilitates payments but also allows for better control of business income. At Iban Wallet Mexico, we recommend using the data collected through terminals to optimize financial management.
Legitimacy: In the digital era, where the use of cash is increasingly uncommon, accepting card payments increases the credibility of your business. People trust their banks and the security they offer. Displaying the logos of banks on your terminal or counter automatically transfers that trust to your business.
If you are still unsure about using tools like card payments in your business, you will find more tips on our Iban Wallet Mexico blog to boost your SME.
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