Only 13 percent of Americans pay for their expenses in cash. A surprising 64 percent feel like we will become a cashless society within their lifetime. That means it's time for small businesses to adapt.

If you don't accept credit card payments yet, you're losing a ton of consumers to your competitors. There aren't many people who would be willing to leave your store, drive to an ATM, withdraw the cash they need, and come back.

Making the shopping experience more convenient for your customers is only one reason why you should consider investing in payment processing business tools. Check out this guide to learn more.

1. Bring in New Customers

As stated above, most customers would rather pay with a credit or debit card than fish cash out of their wallets. In fact, the average person doesn't even carry physical money on them when they go shopping. If you choose not to adapt, you'll lose these customers.

People trust Visa and Mastercard enough to use them. If your business accepts them, that trust will transfer over to you.

Many credit cards provide cashback rewards when you make a purchase. People want to be able to swipe their cards to build up those travel miles. If you let them do that, they'll be more willing to buy your products.

When customers aren't limited to the amount of money they have sitting in their wallets, they spend more too.

2. Improve Your Cashflow

When it comes to running a business, every penny counts. While you're waiting on a customer's check to clear, you could be paying one of your bills.

If you only use invoices, you may have to chase customers down to get your money.

Credit and debit cards are the fastest forms of payment. Once a customer swipes their card, you'll see the money in your account within a few business days. No longer will you have to worry about bill disruptions.

3. You Can Take Your Business Online

People love shopping online. For one, it allows them to order the things they need at all hours of the day.

For another, they don't have to waste gas driving to a brick-and-mortar store. It makes sitting in traffic jams a thing of the past.

If you want to take advantage of the number of consumers who go out of their way to avoid congested stores, accepting credit cards is an absolute must.

4. Overtake Your Competition

Despite all the advantages of accepting credit cards, over 55 percent of small business owners only take cash payments.

That means if you accept Mastercard and your competitor doesn't, you're going to bring in more business. Customers will choose you for the convenience alone. Again, accepting credit cards will also make you appear more credible.

5. Create a Transaction History

There's a lot that you have to keep up with when running a business. Between helping customers and training employees, it can be difficult to stay on track with the products you're selling.

Credit card payments create an electronic record that you can go back and look at later. You can use it to check your sales metrics and find out what's selling and what's growing dust on your shelves.

6. Getting a Merchant Account Is Simple

For you to begin accepting credit cards, you'll need to set up a merchant account. The process is pretty quick and simple. Most business owners are accepted the same day that they apply.

This is true even if you need to open a high risk merchant account. Travel companies and CBD shops have different payment processing needs than other retailers.

7. Accepting Cards Is Cheap

Accepting debit and credit cards isn't free. The good news is that processing fees aren't too damaging. Most small businesses can easily afford the expense.

If you're worried about it, there are ways that you can save money. First, ask every customer if their card is debit or credit. The reason being is that debit cards are much cheaper to process than credit cards.

Another way you can nudge customers toward using their debit card is to set up a $10 credit-card limit. If a customer still wants to use their credit card, that $10 will eat up the processing fee that you have to spend.

To minimize the number of chargebacks that you'll have to contend with, consider implementing a "no refunds" policy.

8. Eliminate the Possibility of Receiving Bad Checks

If a customer pays with their card, and they don't have the money in their bank account to cover the purchase, the transaction will get declined right away.

If a customer hands you a bad check, you won't know until it's bounced days later. You'll then have to go through the trouble of contacting your bank, chasing down the customer to ask for their missing payment, and monitoring your account to watch for the money.If the bounced check causes you to be late on a bill, that's someone else that you'll have to call. It's more hassle than it's worth.

Accept Credit Card Payments for the Good of Your Business

The fastest way to pull ahead of your competitors is to accept credit card payments. Not only will you bring in new customers, but you'll also improve your overall cash flow.

You'll no longer have to worry about bad checks and unpaid invoices. The processing fee associated with taking cards is also so cheap that most small businesses can afford it. What's not to love?

For more tips that will help you pull your company ahead, visit the Finance section of our blog.