Any reader of the Canadian POS Corporation Blog is well aware that there are countless benefits to accepting credit cards as methods of payment. If you’re a Canadian business owner, you stand to make a lot more money simply by providing your customers with the option to pay with plastic. However, there are still merchants who subscribe to the “cash only” way of doing things. Today’s blog is for them.
When you accept plastic, you make things a lot more convenient for your customers. Customers truly appreciate it when their lives are made easier. When they are forced to carry cash on them in order to make purchases from your store, you are making things harder for them. As SmallBusinessBrief.com points out, “accepting alternative forms of payment like credit and debit cards helps make it more convenient for people to pay you. This will increase your sales and profits.”
Accepting plastic boosts the credibility of your company. Merchants who don’t accept any form of plastic are often looked upon as being outdated. The “cash only” way of doing things suggests that you aren’t keeping up with the times. “The public knows that a Merchant Account status is not always easy to get and will look at you as more of a solid company – here to stay,” says SmallBusinessBrief.com, “’Hmmm…doesn\’t accept credit cards? Is there some kind of credit problem I should know about this company?’”
Dropping the whole “cash only” thing will increase the amount of your average sale. When customers aren’t forced to pay with cash, they aren’t limited by the amount of cash that they have on them. Credit cards provide spending flexibility. They encourage larger sales, says SmallBusinessBrief.com. “Studies prove… that when we are ready to make a purchase and we are paying with a credit card we are more inclined to purchase the ‘upgrade’ product or service,” reveals the site.
Plastic acceptance also inspires impulse purchases. How often have you been in a store to buy one product only to leave with three? Impulse purchases are more easily made when a person has a credit card to use as his or her payment method of choice. “Did you also know that your willingness to accept credit cards also causes impulse purchases to go up?” asks SmallBusinessBrief.com, “Customers are more likely to purchase when they can use a credit card versus paying with cash or a cheque.”
By accepting plastic, you cut back on business losses. Have you ever experienced receiving a cheque that bounced? Have you ever unknowingly gotten counterfeit cash handed to you by a customer? Has it ever felt like it took forever to receive a payment from a client? Accepting credit cards can help you to avoid all of the above. They also help you to avoid or, at least, significantly diminish the possibility of fraud.
“By accepting credit and debit cards through a reputable Merchant Account Provider, credit cards orders will be screened for fraudulent transactions,” reports SmallBusinessBrief.com, “When a customer is a ‘slow pay’, a common collection technique is to call the customer and suggest they give you their credit card information over the phone right then to clear up the default. Without this option you would typically have to wait to see if the customer sends you a check like they said they would.”