In 2014, it’s fair to say that a majority of small business owners provide their customers with the option to pay with either credit or debit cards. Plastic acceptance in Canada is fairly widespread. Most business owners know that providing such payment options bring about many benefits. But there are still some business owners who feel that the rates associated with accepting plastic are too great.
“The benefits of accepting credit and debit cards far outweigh the cost. The various studies show that when people are given more payment options (beyond cash); they are more likely to make impulse purchases, join loyalty programs, and spend more per purchase – and that can only help your business to grow,” writes TJ McCue on Forbes.com.
So if the benefits far outweigh the costs, why are some entrepreneurs still not accepting credit and debit cards? Is there really any benefit to remaining a cash-only business in this day and age? Small business expert, Denise O’Berry certainly doesn’t think so. On her YouTube-based program, “The Little Big Show”, she describes how important it is to accept credit cards in today’s business world.
“If you don’t accept credit cards in your business, you need to rethink that,” insists O’Berry. She acknowledges that many business owners still associate the acceptance of plastic with “extra costs”. But she reminds us that there are fees attached to just about everything that business owners do for their company. So why should this be an additional cost that is avoided?
O’Berry points out that everything from printing an invoice to carrying cash to the bank has costs associated with it. When you run a business, you’re bound to incur costs. The key, of course, is to be able to make enough money to pay for those costs and more. “Credit cards can actually add to your bottom line,” says O’Berry. She goes on to list three key benefits to accepting credit cards at your business.
#1. Cash In The Bank. “The sale is normally credited to your bank account within two or three days,” she explains, “If you invoice, it often takes 30 days or longer just to get your cash in the bank.” If you’re looking to get paid quicker, setting up shop with a POS terminal and having a payment provider process your transactions for you is a great way to do that.
#2. Get Your Money Now. “You collect your fees right at the point of sale instead of waiting until you have to take a trip to the bank,” informs O’Berry. The days of cash-only businesses are coming to a close. It’s pretty “old school”, to put it in a pleasant way, to only accept cash. You’re forcing yourself to not see those funds appear in your bank account so that they start working for you, until you’re free to go to the bank. Why wait?
#3. You Could Lose Customers. “Many business people prefer to use credit so that they can keep track of the things that they purchase” says O’Berry, “You might just lose a customer if you don’t take credit cards.” Don’t lose out on customers or the chance to get your hands on your money a lot quicker. Begin accepting credit cards today with Canadian POS Corporation. Call us at 1-877-748-2884!