There are many reasons to accept credit cards if you run a business. In our last blog, we referred to the practice of being a cash-only business as “archaic”. Especially with so many shoppers walking around without any cash on them these days, it seems downright silly to still consider insisting upon only accepting cash. In 2014, you’re practically guaranteeing yourself a loss of sales.
“You barely see it anymore,” commented one of our clients recently, referring to businesses that don’t accept either credit or debit cards, “so when you do, it’s kind of shocking. I’ve had to leave a store or two over the past couple of months because I couldn’t pull out my credit card to make a payment. It’s annoying, to say the least. They got to keep up with the times.”
Samuel Peery, the Vice President of Marketing for ProPay Inc. is likely to agree. On the Small Business Trends Radio website, he writes about the many benefits of accepting plastic. If you’re a business owner who still may be concerned about the fees associated with credit and debit card acceptance, you will especially want to consider these benefits. They highlight the fact that an increase in business is imminent.
Don’t turn away sales. When you don’t accept credit and debit cards, you may as well put up a sign that says “Shop Somewhere Else”. Peery writes that you risk losing sales by not offering your customers the choice to pay with their credit cards. This is especially true for big ticket items. Who walks around with thousands of dollars in their pocket? Consider what it is you sell and how much easier you could be selling it.
Appear more professional. When you accept credit cards, you not only drop the image of being “archaic”, but you gain the impression of being a lot more reputable. Peery writes that “even if you have no website or have a home-based business by accepting credit cards your business can seem more established.” Naturally, you want customers to have faith in your business as a legitimate one.
Grow your service-oriented business. Accepting plastic allows business owners who provide services to simplify their collections process. Collecting your money, as you are likely well aware, can be quite the headache. Peery reveals that “statistics show that 24% of accounts receivables are 90 days old or more. This number can be as high as 75%. By accepting credit cards, you immediately solve an aging receivables problem and get your money much faster.”
Increase your customer service. When you give up the whole “cash only” thing, you provide your customers with an added convenience to shopping with you. You increase the speed at which they are able to pay for their purchases. This means less time waiting in lines, no time fumbling around for exact change and automatically generating records of all of your sales.
Increase your sales. Is this the benefit you’ve been waiting for? “Statistics show that the average credit card order is 3 to 4 times larger than the average check or cash order. Accepting credit cards as a form of payment can increase sales anywhere from 40% to 400%,” writes Peery. Begin accepting plastic today! Get set up by calling Canadian POS Corporation at 1-877-748-2884.