At the end of last month, we posted a blog that listed ways your acceptance of credit cards makes everybody happy. It included the facts that credit cards give consumers account management control, credit card payments are super easy for merchants to process and credit cards give their users various perks.
Here are three more ways your acceptance of credit cards makes everybody happy:
1. Credit cards make it easy to track expenses.
When shoppers use their credit cards, they are given immediate access to their bookkeeping records. These days, it’s very easy to go online to check into all that you have spent on your card. Your online account provides a comprehensive list of your purchases. It makes it very easy for consumers to track their spending.
“Proponents of paying with credit cards say that one of the reasons they prefer to do this is because they can keep better track of their expenses,” reports Amanda Abella of Due, “It’s hard to keep track of cash. You know this as a business owner and the same is true for people who are paying you. Nothing beats being able to see real time transactions on your statement that show you exactly how much you paid, when you paid it, and what you paid for.”
2. Credit card acceptance enables bigger purchases.
If you only accept cash, customers are limited to spending up to the amounts of cash they have on them. Naturally, this makes it difficult for people to purchase big ticket items. Retailers who sell expensive items, such as electronics, need to allow for credit card payments. However, even shops that sell less expensive items limit the amount of spending their customers can do. Simply put, if you want to generate more revenue, you should accept credit cards.
“Credit is generally a popular choice for big-ticket purchases, with 51% of consumers preferring credit for in-store purchases exceeding $500 and 56% preferring credit for online purchases of the same amount,” reports Business Wire, “Among boomers and seniors, 66% prefer credit for large in-store purchases and 73% prefer credit for large online purchases.”
3. Credit cards give consumers rewards.
If you are a frequent traveller, it definitely pays to pay for all of your purchases with a credit card that offers travel rewards. Many cards offer points that can be put towards hotel stays, car rentals and plane tickets. Of course, there are many other types of rewards cards including cash back cards and those that offer discounts with certain retailers.
“Credit card companies are in the midst of a rewards war,” says Abella, “You don’t have to look far to see companies trying to beat each other in terms of the rewards they are offering in an effort to get customers. This means consumers have more incentive than ever to want to pay with credit cards.”
Do you make everybody happy by accepting credit cards in your store?
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.
