By now, it should come as no surprise to you that the majority of businesses across Canada accept credit cards as methods of payment. If you’re still of the mind that you can get along just fine as a “cash only” business, you’re probably not aware that you are missing out on numerous chances to significantly improve your bottom line.
Accepting credit cards is especially important because they allow your customers to pay off their balances over time. This gives them much more flexibility with what it is they’re able to buy. There are countless benefits of accepting credit cards at your place of business. Here are just three for you to consider:
1. It will improve your cash flow.
When you only accept cash, you have to consider how long it will take for that cash to actually work for you. In other words, your cash can only help you pay the bills once it’s in your bank account. How often do you get to visit your bank? How much time do those visits take? Consider how much time and effort you’d save if the payments you received from your customers went into your bank account right away. Credit card payments do just that.
“Not only can accepting credit cards expand your customer base, but it can also help time-pressed merchants streamline finances,” says Yamarie Grullon on ShopKeep.com, “Credit card payments are processed directly into merchant accounts, reducing the time and expense of sorting and transporting funds to the bank. Since funds are deposited directly to your merchant account, it also speeds up payment cycles, which leads to improved cash flow.”
2. It will boost your sales.
Isn’t this what all business owners want? By not accepting credit cards, you are virtually telling your customers to go elsewhere. However, by offering the option, you allow your customers to shop with ease, especially when they visit your website. After all, most shoppers don’t even carry cash around with them anymore and many prefer to shop online.
“The simple truth is, you must accept credit cards on your site if you expect to stay in business,” states Entrepreneur.com, “It\’s been repeatedly proven that if you don\’t accept credit cards on your site, you\’ll only capture about 15 percent of your potential sales.”
3. It will increase customer satisfaction.
Allow us to bottom line this for you. Your customers want to pay with their credit cards. It’s that simple. If you’re in the “making customers happy” business – as all business owners should be – then you’ll want to do what it takes to keep your customers happy. Not offering them payment options gives them reason – a big one – to leave and never return. Credit card acceptance is a great way to keep customers coming back.
“There is no better way to lose a customer than by increasing friction at the point of sale,” insists Grullon, “Accepting credit cards is not only convenient for customers, but it also improves transaction speed. Some studies also suggest a strong correlation between payment options and customer loyalty. Customers who pay with credit cards are not only more likely to shop at your establishment in the future. They spend more.”
Are you ready to start accepting credit cards? Contact Canadian POS Corporation today by calling 1-877-748-2884 or emailing info@localhost to learn how you quickly you can be set up with our Countertop or Wireless POS terminals!