Credit card users love the convenience of not having to carry around cash on their persons. They enjoy being able to track their spending and earn rewards for making purchases. And while the list of credit card benefits for shoppers could go on forever, there is a list of benefits equally as long for merchants who accept them. Believe it or not, there are still cash only businesses out there. Not too many anymore, but they exist.
Some business owners still feel that accepting cash only is a viable option in 2014. They consider the fees that come along with credit card acceptance to be deterrents to adopting the use of POS terminals in their stores. However, the benefits to accepting plastic have been proven to far outweigh the costs. If you happen to be a business owner who is still hesitant to accept credit cards as methods of payment, consider the following six factors.
1. Higher company prestige. When you accept credit cards, it demonstrates a sense of higher-level professionalism that customers respect. To add to your brand’s credibility, accepting electronic payment options is practically a must. You’ll immediately notice a change in the way that consumers view your business when the logos for Visa, MasterCard and Interac appear on your company website and on the front entrance to your place of business.
2. Quicker checkouts. By accepting plastic, you automatically increase the speed by which you are able to process payments at the checkout. There is no more counting change or sifting through bills to ensure that you’ve received the right amount. You also don’t have to concern yourself with checking for counterfeit bills. Customers will appreciate the expeditious process of buying from your store when credit cards are welcomed.
3. Larger purchase amounts. It is widely known that credit card acceptance inspires bigger purchases. When a person doesn’t have to worry about how much cash he or she has to carry, spending more money is made easy. Credit cards give customers more freedom to spend, especially since they are given time to pay their bills. With credit cards, no one needs exact change. People are free to spend amounts that they may not have if only cash is accepted.
4. Quicker access to cash. You don’t want to have to sit around waiting for those cheques anymore do you? Electronic payments get you closer to your cash a whole lot quicker than the standard 30, 60 or even 90 days that are generally given to customers to pay when invoices are sent out. Once you accept credit cards, the money is deposited into your account, usually within 48 hours.
5. More sales. Well, this is what it’s really all about, isn’t it? If you want to increase your sales, accept credit cards. That’s pretty much the bottom line, to be honest. Research has shown that when merchants begin accepting plastic, they increase their revenue by more than 20 per cent. As mentioned earlier, your brand’s increased prestige will bring more people through its doors. Believe it or not, plastic acceptance is a great advertisement for your business.
6. Saved time and money. Consider the fact that you won’t have to continue to send out invoices and bills to customers who generally pay by cheque when you accept plastic. You also won’t have to travel to the bank as often to deposit all of the cash you used to accept. Not to mention, it may not be as expensive as you think to accept plastic. At Canadian POS Corporation, our rates are the most affordable in our industry! Call us at 1-877-748-2884 for more information today!