Is your business still operating under a “cash only” policy? If so, you’re preventing it from maximizing its profits. There’s no clearer way to put it: remaining “cash only” is bad for your business. In the year 2017, consumers from all walks of life are carrying credit cards and debit cards. Many of them aren’t carrying any cash at all! That means that your store is no longer a viable option to the majority of consumers.
That can change. By becoming plastic-friendly and securing a payment solution that will enable you to accept Visa, MasterCard, Discover, American Express and Interac cards, you will be injecting your business with quite the boost. A growth in sales, an increase in your customer base size and an overall better impression are just some of the benefits that you’ll receive by offering new payment options to your customers.
How will accepting credit and debit grow your sales? As mentioned, customers simply prefer plastic over paper. Research has shown that shoppers tend to gravitate towards businesses that allow them to pull out their plastic in order to pay for their purchases. As David Iafrate reveals on StartUpNation.com, an Intuit survey found that “83 percent of small businesses that accepted credit cards saw increased sales.”
He also notes that 52 percent of small business owners surveyed increased their profits by $1,000 a month while 18 percent saw increases of $20,000 a month! It goes without saying that those are significant differences. One of the reasons for the increased profits is the fact that consumers are a lot more inclined to make impulse purchases when they pay with their credit cards. They tend to both buy more items and spend more per item when plastic is accepted.
How will accepting credit and debit increase your customer base size? No matter what industry you’re in, you’re in the business of making people happy. Happy customers are often loyal customers. And the better you make the experiences of those who shop in your store, the stronger their loyalty will be to your brand. By contrast, if people don’t enjoy their experiences shopping at your place of business, they will very likely head to your competition.
“According to Visa, credit cards are now seen as the most efficient payment method, surpassing paper checks and cash for the first time ever,” informs Iafrate, “Accepting credit cards is becoming the new norm. If your customers want to pay with a credit card, but your business doesn’t accept them, they are more likely to take their business elsewhere.”
How will accepting credit and debit give your brand an overall better impression? The “cash only” sign in your store may as well read “small time” – because this is the impression you give to consumers. By today’s standards, a business that doesn’t accept credit and debit is considered outdated, not up with the times and even obsolete! A sign in your store that reflects the Visa, MasterCard and Interac logos gives an entirely different impression.
“Consumers are more likely to shop at your business if they know you accept credit cards,” states Iafrate, “Fifty one percent of American adults under the age of thirty hate paying with cash, no matter the amount. The trend is continuing through different age brackets.”
Do away with your “cash only” policy and begin accepting credit cards and debit cards today! Contact Canadian POS Corporation and ask us about our Countertop and Wireless POS terminal options. Give us a call at 1-877-748-2884 or email us at info@localhost.