Today’s shoppers love the options that are generally given to them. For example, the modern-day consumer enjoys being able to choose between making in-store purchases and shopping online. He/she also greatly appreciates being able to choose his/her method of payment. The option to select either cash, credit card or debit card is one that often encourages a shopper to do business with a particular brand. Not being giving the option, on the other hand, can often turn shoppers away.
This is a problem you can certainly avoid by accepting credit cards in your store. Here are four more:
1. Missing out on upselling opportunities. When your store only accepts cash, it forces customers to make limited decisions about what they can buy. If you try to upsell a customer at the checkout by offering an accompanying product or service, he/she may be forced to turn it down simply because he/she doesn’t have the cash to pay for it. Accepting credit cards, however, changes all of that.
This is especially true for stores that sell big-ticket items. “People using credit cards often spend more than those using cash,” explains Intuit.com, “Credit cards also facilitate the purchase of big-ticket items that people want to pay for slowly over time. This can be a big incentive to spend – and more money to be recorded with your business financial software.”
2. Having your business appear to be untrustworthy. If we’re being honest here, a business that doesn’t accept plastic in 2017 is one that seems outdated and out of touch. It gives members of the general public the impression that the company isn’t all that reputable. “Accepting credit card payments will establish your business in the industry as legitimate,” insists Marco Carbajo on TheBalance.com, “Displaying the logos of the credit cards you accept on your website or cash register will alone grab the cardholder\’s attention and make them somehow trust your business.”
3. Losing customers to your competitors. If you’re not accepting credit cards, but your competitors are, you are definitely going to lose customers to them. “If people are given the choice of buying a product or service from two vying businesses – and one accepts credit cards – this factor could be enough to sway them,” says Intuit.com, “Not accepting credit cards could put you at a competitive disadvantage.”
4. Getting bad cheques. If you’re running a business that still accept cheques, you are likely someone who has encountered cheques that bounce. Returned cheques don’t just mean that you haven’t officially been paid yet, they mean that you have to endure the hassle of chasing down clients in order to secure other means of payment.
As Carbajo explains, “credit card payments practically eliminate any risk of having to deal with matters that revolve around receiving a bad or bounced check. You will not have to risk a huge chunk of your money on bad checks or wasting time having to track down the customer to properly pay for the goods or services.”
For more information about how to begin accepting credit cards in your store, 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 POS terminal options!