If you still operate a cash-only business, you are guaranteeing yourself the missing out of a lot of sales this holiday season. Here is something that we know goes without saying: The holiday season is the busiest time of year for retailers. So, if you’re interested in raking in the dough this holiday season, it only makes sense for you to become plastic-friendly.
In our last blog, we offered three reasons accepting credit cards during the holiday season is a must. Here are three more:
1. You will enjoy a significant increase in sales.
Make no mistake about it. When you accept credit cards as methods of payment, you boost your sales. This goes double during the holidays. On StartUpNation.com, David Iafrate points out that one of the reasons sales go through the roof for merchants who accept credit cards is because the payment method inspires impulse purchases. He also reveals some statistics that help to clarify just how much more money can be made by companies who welcome credit card users.
“According to a survey conducted by Intuit, 83 percent of small businesses that accepted credit cards saw increased sales,” informs Iafrate, “Of those surveyed, 52 percent made at least $1,000 more a month and 18 percent made at least $20,000 more a month!”
2. Customers are interested in having their purchases protected.
Consider the obvious fact that the majority of purchases being made over the next several weeks will be gifts. In many instances, those gifts will be big ticket items. Many of them will require purchase protection to insure the purchasers against lost, theft or damage. That way, shoppers know that their gift recipients will get to enjoy their gifts for the long haul. Many credit cards offer additional insurances to protect purchases.
“Most credit cards offer a purchase protection benefit that covers new purchases for theft and damage,” explains Jason Steele on Credit.com, “For example, Chase Sapphire and Sapphire Preferred credit cards have purchase protection policies covering theft, damage, or loss 120 days after purchase, for up to $500 per claim.”
3. Credit card acceptance encourages online shopping.
If you’re not yet accepting credit cards, then you’re certainly not taking advantage of the fact that so much online shopping is done during the holiday season. In fact, it makes the approaching Cyber Monday (November 27th) a moot point for your business. Honestly, that’s just sad. There is so much money to be made on the busiest online shopping day of the year. Accepting credit cards allows you to cash in on the craze!
Steele points out to cardholders that using their credit cards for the purpose of shopping online offers them additional protection for their purchases – a huge incentive for credit card use. “When you shop online, you are accepting a merchant’s promise to send you goods (or perform services), in return for your money,” he informs, “So if an online retailer fails to deliver the goods, or goes out of business before doing so, credit card users can request a chargeback from the their card issuer if the merchant doesn’t offer a refund.”
For more information about how you can begin accepting credit cards at your store using the best POS terminals in the industry, call Canadian POS Corporation at 1-877-748-2884 or email us at info@localhost. Be sure to ask us about our Countertop and Wireless options as well as our e-commerce solution!