Even though Black Friday and Cyber Monday are now in our rear view mirrors, there is no reason to think that sales are bound to dwindle in the weeks to come. With December still yet to start, there are several weeks left in the holiday shopping season. Promoting your store’s special discounts, sales and events should remain at the top of your priority list.
One way to ensure that you’re making as many holiday sales as possible is to make clear that you accept credit cards and debit cards. It’s really that simple. When you insist upon accepting cash only, you’re basically asking customers to shop elsewhere. Especially during the busiest shopping season of the year – when consumers are willing to spend a lot more than usual – it’s imperative that you offer up all available payment options.
Again, it really is that simple. When you accept credit cards and debit cards, you enable shoppers to spend to their hearts’ contents. If you accept only cash, you limit people to spending up to the amount of cash they have on them.
“If you’re a cash-only business, you can see a significant increase in revenue by starting to accept cards,” SquareUp.com explains, “Research shows that 16 percent of consumers do not carry cash, and 85 percent are not likely to withdraw cash to make a purchase. Our own survey found that 35 percent of consumers said that if a business they were thinking about visiting didn’t accept credit cards, then they would look for a different business.”
SquareUp.com also points out that people want convenience. If shopping at your store requires a visit to the ATM, they will be a lot more likely to choose another store over yours. Kristie Lorette McCauley agrees. On LoveToKnow.com, she highlights the importance of offering your customers convenience during their holiday shopping excursions.
“Customers can buy what they want now rather than having to wait, so accepting credit cards adds a level of convenience for the customer,” she writes, “They do not have to run to an ATM to get the cash they need to make a purchase. Credit cards allow customers instant gratification because they can buy now and worry about paying for it later.”
As you know, people are willing to spend more money during this time of year than at any other point. With so many gifts to buy and with the holiday spirit in the air, consumers aren’t just looking to buy more products, they’re willing to spend more than usual too. By accepting credit cards and debit cards, you enable shoppers to check off everything on their shopping lists – big ticket items included.
“One strategy to grow your business is to increase your average transaction size,” says SquareUp.com, “In fact, a study by Dun & Bradstreet found that people spend 12 to 18 percent more when using credit cards instead of cash. Consumers are also 12 to 15 percent more likely to always tip with a credit card, and then tip up to 13 percent more.”
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