The number of Electronic Benefits Transfer (EBT) recipients has grown substantially in the past decade, making it a popular form of payment. While the number enrolled in this government program has increased, many businesses fail to accept these payments. This means these businesses are missing out on a crucial portion of their potential customer base.
Of course, not every business is able to accept EBT payments. The U.S. Department of Agriculture must give you permission to accept these payments and usually only food services are qualified for it. At US Merchant Systems, we aim to provide all of our clients with the valuable information they need to make educated business decisions. For businesses that qualify, learn how accepting EBT payments can benefit your business.
EBT By the Numbers
In 2015, there were roughly 45 million Americans enrolled in the EBT program. This was a massive increase from 17 million in 2000. With more Americans needing assistance for their food purchases, accepting EBT payments can obviously benefit your business.
In fact, nearly $74 billion was spent toward this program in 2015 alone! Of course, the recipients of these funds only receive $126 per person every month to be spent on food, but with 45 million enrollees, this can add up. This means the EBT program is a viable payment method that can bring in more customers.
Accepting as many forms of payment as possible has long been sound advice for business owners. Customers like to have options, especially when making payments. Accepting EBT as another form of payment can only draw in more customers.
Benefits of Accepting EBT Payments
There are many ways accepting EBT payments can benefit your business. First, you are able to compete better with big name stores like Wal-Mart that accept the payment method. Many customers would like to get fresh produce and if your store sells that, then EBT can lure recipients into your store easily.
Also, accepting EBT payments can have a positive effect on your business's reputation. Recipients of EBT need assistance and accepting their payments can show your dedication to your community. Even customers that don't receive these payments could flock to your store because of your enhanced reputation in the community.
Of course, accepting an additional form of payment can also benefit your business. As mentioned above, customers love having multiple payment options and EBT is just another payment method. This can attract a customer base you had never thought of targeting.
USMS Merchant Services
If you are interested in setting up an EBT payment processing system for your business, US Merchant Systems is here to help. We offer a variety of merchant services that can benefit your business, and EBT is just one of them.
To get set up with USMS, you can contact us here or give us a call at 1-800-655-87 today!