It is not really an option for businesses today to not accept credit and debit cards. We have all been there, you want something, maybe just a whim or maybe you are starving and want a yummy hamburger.
You have no cash. They don’t accept cards.
You leave annoyed, possibly angry and perhaps hungry.
These are not pleasant emotions and definitely leave a bad impression with your customer. As payment preferences have changed people on average have 5 credit or debit cards and $20 or less on them. Forget about checks as people don’t carry them much anymore. With automatic bill pay offered from most bank accounts, checks are becoming less necessary even to pay bills. By limiting your customer to cash on hand you are losing money and possibly a sale.
5 reasons to Accept Credit Cards:
1. Make more MONEY. Studies prove that accepting credit and debit cards increase sales. Not just the sale itself but the total amount spent.
2. People like to pay with credit cards. Reasons for this abound; financial flexiblitiy of paying with a card, rewards offered on credit cards, and the convenience of a monthly statement.
3. People don’t carry a lot of cash. Maybe the numerous trips to the ATM and their fees get old…either way people are carrying less cash.
4. Credibility. Businesses that process credit cards definitely appear more legitimate and credible in the eyes of your potential customers.
5. Impulse Spending. Customers spend more impulsively when they can use their credit cards especially if they have limited cash on hand.
The common argument from merchants is that it is too expensive to accept credit cards because of the fees and equipment needed. The benefits of accepting credit and debit cards clearly far outweigh the cost. The various studies show that when people are given more payment options (beyond cash); they are more likely to spend more, make impulse purchases and join loyalty programs, and that can only help your business to grow.
If you’re not accepting credit cards at your business request a free quote online or call us and find out just how affordable credit card processing can be. 1-866-651-3068
We save our merchants 12% or more on their credit processing fees!