By today’s standards, credit cards are nothing revolutionary. Consumers have been using them for decades. However, in today’s world, credit cards are considered more than just payment method options. They’re practically mandatory tools for shopping. If your business doesn’t accept credit cards, you don’t give it much of an opportunity to succeed in the modern marketplace.
Just how does your company benefit from accepting credit cards?
Credit card acceptance legitimizes your business.
Customer perception counts for a lot. When consumers see “cash only” signs in front of businesses, they are basically told that those shops are “small time”. A store with the logos for Visa and Mastercard in from of it, however, is one that declares a prestigious reputation. Simply put, if you don’t accept credit cards, you don’t put your company on par with other major retailers. It’s just looks bad for your business to not offer credit cards as payment options.
“When you display credit card logos in your window or on your website as an accepted form of payment, they create a sense of familiarity and trust in potential customers’ minds,” states the National Federation of Independent Business (NFIB) website, “When a customer trusts you, they’ll do business with you.”
Credit card acceptance encourages impulse buys.
If you operate a cash only business, you’re practically asking customers to not to make large purchases. Many people don’t walk around with much cash on them, if they carry any cash at all. Credit cards enable consumers to make large transactions without the worry of having money directly on their person. The only spending limits they have are the limits on their credit cards. Your acceptance of credit cards will help for your transactions to be much larger.
“Shoppers like to be able to make purchases quickly and easily without having to dash to the nearest cash machine, which is not only inconvenient but also limits their spending to their available funds,” reports London & Zurich, “There are also studies which suggest that customers tend to spend more when paying on credit card, particularly in regard to impulse purchases. The result is an increase in sales and revenue.”
Credit card acceptance boosts cash flow.
While you may enjoy the feeling of having actual cash in hand, your business hasn’t officially earned that money until it’s accounted for in your business bank account. In addition, if you accept cheques, they don’t reflect as earnings until they are deposited in said account. Credit card transactions, on the other hand, represent immediate deposits. This helps for your company to have better cash flow.
“Your business will benefit by having the proceeds from payment card transactions deposited quickly in your bank account,” says NFIB, “No more waiting for checks to clear, or sending out time consuming invoices and waiting for payment.”
Do you accept credit cards in your store?
At Unity Payments, we believe that the easiest and most convenient way for merchants to accept credit and debit cards is with the Poynt Smart Terminal. To learn more, please don’t hesitate to call us at 1-800-661-3761. You may also email us at info@unitypayments.ca.
