Are you one of the last business owners on the block who has not yet joined the plastic revolution? While cash might have been king decades ago, its crown is definitely losing its luster today. Here are just some of the advantages that accepting credit cards can bring to your business:
Padding Your Bottom Line
Aren’t sales pretty much your reason for being? If that is the case, consider that taking credit cards can increase your sales twice or three times over. A survey sponsored by Intuit found that 83 percent of the small businesses that started accepting plastic saw a rise in sales. Fifty-two percent of the business owners surveyed made at least $1,000 more a month and 18 percent brought in at least $2,000 more a month.
Customers Spend More
Customers spend more when they pay with plastic. Perhaps for the same reason, they are more likely to purchase impulse items and they tip more generously to people in the service sector. Just under one in every three purchases is made using plastic, and the trend is continuing upward. At this point, most people are actually surprised when merchants do not accept credit cards. A business’s refusal to allow plastic suggests to some consumers that it is behind the times or not well-established enough to have a relationship with card companies such as Visa or MasterCard. Customer satisfaction comes when their experience in your store is seamless and convenient. Credit cards can make this happen.
Use Cards To Expand Your Business
Accepting credit cards can be your passport to international sales. Without any effort on your part, foreign currency can easily be converted when customers buy with credit. That gives you the leeway to sell your wares online to customers down the street or across the ocean.
Increase Your Efficiency
Once you learn how to use the intuitive credit card reader and software, you’ll find that the experience is much more streamlined and faster. When customers buy with plastic, your payment is automatically deposited into your account within a matter of days. That means your payment cycles are faster and you have more timely access to your money. Approvals are automated; payments and deposits are automatic. You will see the number of trips you need to make to the bank decrease markedly. You also won’t have to worry about printing and mailing invoices anymore. With all of that extra time, you can actually focus on building your business.
If these advantages sound attractive to you, it might be time to make the change you have been resisting for all these years. Once you do, you will probably wonder what took you so long. Best of all, your customers will notice that you have finally embraced the payment technology that makes their shopping experience so positive and convenient.