5 Reasons Why Accepting Credit Cards Is A Necessity

“Accepting credit card payments from your clients has proven to increase average order sizes by as much as 40%,” writes David Waring on FitSmallBusiness.com. To put it simply, if you want to make more money, offer credit cards as methods of payment to your customers. Now, what type of business owner doesn’t want to make more money? None. But, the strange thing is some are still hesitant to take this step to earning more income.

On the same website, Jeanne Grunert writes that such business owners are missing out on big opportunities to increase sales. As well, she notes that credit card acceptance significantly helps to improve service. Grunert does, however, point out one of the major reasons that some business owners stray from plastic acceptance.

“Is it the confusing fee schedules attached to many bank acceptance programs?” she asks. Allow us to remind you that Canadian POS Corporation just so happens to offer its clients the most affordable rates in our industry. As well, we proudly provide only top-of-the-line POS terminals and have the ability to connect our new clients within three business days. It’s as simple as giving us a call at 1-877-748-2884 to get started! As Grunert writes, “accepting credit cards is no longer a ‘nice to have’ service – it’s a necessity.” Here are five reasons why.

1. It provides greater flexibility. When you begin to accept credit cards at your place of business, you offer yourself the ability to add several more routes to earning money. Of course, you will have money deposited into your bank account through each transaction in your store. But Grunert also points out that mobile and online payment options add an entirely new revenue stream for your business.

2. You can convert your mobile devices into money makers. Our mobile payment options allow you to turn your smartphone, tablet or other mobile devices into portable credit card acceptance machines. As Grunert points out, “restaurants, food service businesses, artisans and retailers can all benefit by using mobile payment methods.” This is also an incredibly beneficial feature for delivery personnel and other business types on-the-go.

3. It earns you more interest. When you accept credit cards, you’ll make a lot less trips to the bank to deposit cash. As mentioned, with each transaction, money is deposited into your account automatically. This generally takes place at the close of each business day. As Grunert writes, “your service account securely connects to your bank account to keep cash flowing from the transactions into your accounts.” As a result, you can earn more interest on your balances.

4. Fees are easily covered. “While it’s tempting to add a small amount to each transaction to cover credit card fees, customers tend to balk at paying extra for something they expect,” informs Grunert, “You’ll generally make up the fees through increased orders, so accepting the cost per transaction of credit cards as part of your company’s operating expenses is a smarter move than tacking on fees to credit transactions.”

5. You enjoy increased order sizes. When people are given the option to use their credit cards, they tend to spend more. This is true for all business types. Grunert points out that even fast-food giant, McDonald’s use to be a cash-only business. But “McDonald’s saw their average order size climb from $4.50 per order to $7.00 per order once they started accepting credit cards. Such an increase looks very promising for most small business owners.”