Earlier this month, we posted a blog that highlighted why welcoming credit cards in your store is a customer-centric move. In it, we pointed out that it allows consumers to build their credit scores, enables shoppers to track their spending and helps to keep customers safe from theft. Merchants who accept credit cards also enjoy a long list of benefits!
Here are three huge advantages of accepting credit cards in your store.
1. It encourages impulse buys.
For the most part, there is no such thing as “I don’t have enough money” when a person pays with a credit card. Depending on their credit limits, of course, shoppers can generally shop to their hearts’ content. When you only accept cash, you insist upon having customers only purchase what they can afford at the moment. In other words, if they don’t have enough cash, they can’t buy as much as they’d like. By accepting credit cards, you encourage customers to not just spend more money, but buy things they didn’t necessarily come to your store to buy.
“An MIT study indicated that customers tend to spend an average of 83% more when they’re paying with credit cards,” informs Elie Y. Katz on Forbes.com, “This includes a high rate of impulse purchases. Credit card transactions are processed and verified electronically, and settled quickly. Proceeds are typically deposited the next business day, or sometimes even same day, into your bank account. You won't have to handle as much cash, reducing theft and security concerns in your store.”
2. It helps to reduce fraud and theft.
To branch off of that last point, it’s wise to keep as little cash in your store as possible. Simply put, the more credit card transactions you process, the lower your risk of experiencing theft. Not only do you make your store safer, you receive your money quicker. With credit card transactions, your earnings get deposited directly into your bank account when you cash out at the end of the day.
“Investing in a secure payment processor POS system is essential for protecting your retail store from credit card fraud,” says Fraud.com, “These systems should be updated regularly and equipped with the latest security features, such as encryption and tokenisation. This ensures that customer data remains secure during the transaction process.”
3. It boosts your brand’s legitimacy.
If we’re being honest, not accepting credit cards is simply a bad look. Your business doesn’t come off as prestigious or professional when it declares itself as “cash only”. As Katz makes clear, displaying credit card logos near your point of sale system at the checkout counter helps to grow your store’s reputation.
“Customers trust their credit card brands, and that trust inherently transfers to you, the merchant, who accepts this payment form,” he writes, “A reputable credit card processing company helps protect you and your customers from data breach and identity theft. Accepting credit cards can boost your sales and keep your business on an even playing field with competitors.”
Do you accept credit cards in your store?
If not, you’re missing out on a wide range of benefits. At Unity Payments, we proudly offer Canadian merchants a variety of high-quality payment terminals to enable them to accept credit cards and debit cards. They include the Poynt Newland 910, the Ingenico Desk/5000, the Ingenico Move/5000 and the Poynt C Smart Terminal. To learn all about your options, please don’t hesitate to call us at 1-800-661-3761. You may also email us at info@unitypayments.ca.
