With the new year now here, we know that there are a lot of New Year’s Resolutions in the works. And, as we highly recommended in our first blog of the year, earlier this week, it’s important for business to make credit card acceptance one of their resolutions. To reiterate a simply-put statement: accepting credit cards will boost your sales. It really is as simple as that. However, there are many more benefits of becoming plastic-friendly in 2017.
Here are three:
1. It will increase the amount you make per transaction. Not only will your sales increase, but the sizes of those sales are bound to increase as well. Remember that when customers make purchases with their credit cards, they are technically not using their own money to do so. With the ability to spend more than they would be if they were restricted to cash, customers are able to make bigger purchases. And your store can be the beneficiary of this privilege.
“This is probably not a new concept to you: there is seemingly endless research that shows it’s easier to spend money with a credit card than with cash,” explains Anita Campbell on SmallBizTrends.com, “The pain of paying is greatly diminished when handing over plastic instead of cash or a check, so customers spend more. Credit cards also increase impulse purchases…Why? Simple: consumers are not tied to what is in their wallets at that moment.”
2. It will largely improve customer satisfaction. The smartest of business owners know that the successes of their businesses are dependent on the relationships that they have with their customers. More important than the products and services you offer the general public is the overall customer experience that people enjoy when doing business with you. By offering more payment options, you simply make it a lot more enjoyable to come to your store.
“Providing the option to pay with a credit card is becoming less a courtesy and more an expectation,” says Campbell, “Customers are more likely to do business with you if you accept the form of payment that offers them the most convenience and flexibility. Especially when dealing with big-ticket items, consumers appreciate the ability to pay up front with a credit card and pay off their purchase over time.”
3. It will improve your cash flow. How much time do you generally spend depositing your earnings into your bank account each week? Do you really enjoy visiting your bank that much? With credit card acceptance, you significantly decrease the number of trips you make to the bank as your earnings are deposited into your bank account automatically. This helps you to take advantage of your profits a lot quicker.
“Credit card payments take the waiting out of getting paid,” Campbell reminds us, “No more waiting weeks for checks to clear, and no more waiting weeks or even months for a payment after sending a bill. Instead, your funds are deposited automatically and directly to your bank, usually within a few days, giving you faster payment cycles and better cash flow for your business.”