To run a successful business, it’s imperative that it offers excellent customer service. Consumers need to feel welcomed and appreciated by the stores they visit. As well, your company needs to offer high-quality products and services. There is a lot of competition out there. What you offer has to measure up. Finally, it’s become practically vital to offer customers payment options. If you don’t accept credit cards and debit cards, your business will suffer.
Let’s discuss why it’s vital to offer your customers payment options.
It provides a great convenience to customers.
It doesn’t matter how great your products and services are. The people who support your brand want to feel valued and appreciated. By accepting all forms of payment, you speak directly to their needs. You enable shoppers to avoid carrying around a lot of cash. This helps them to avoid the risk of loss or theft. Moreover, using credit or debit to pay for purchases is the quickest and most convenient way to do so.
“Cheque books and cash simply aren’t the go-to anymore for most retail or service-based purchases,” points out The Studio Director, “Credit cards are...Secure, simple and seamless, credit card payments are the industry standard for consumers and businesses.”
It grows your customer base.
Consumers want to use their credit cards. It’s just that simple. With cash, they are limited to purchasing only up to the amount of money they have on them. By offering payment options, customers are able to spend up to the amounts in their bank accounts (using their debit cards) or up to their credit limits (on their credit cards). By showcasing the logos of Visa, Mastercard and Interac at your place of business, you will welcome a much larger number of customers.
As reported by Liam Lahey of Zensurance, it’s estimated by 2030, there will be a 70% drop in cash purchases, and only 10% of all money spent in Canada will be done in cash. “ You can attract more customers who prefer to pay with credit, expanding the business’s customer base and boosting sales,” he writes, “Another hike in sales comes from the tendency for people to spend more when using a card.”
It improves your cash flow.
When customers pay with cash, you must wait until you’re available to visit your bank in order to deposit the funds into your business account. With credit card and debit card payments, the money is automatically deposited into your account. That gives you quicker access to funds needed for running your business.
“By accepting credit card payments for your business, you can enjoy the actual cash flow you expected during registration,” says The Studio Director, “(It allows) customers to set up recurring payment plans. It saves them time and brainpower and ensures on-time payments. With predictable and reliable cash flow, you can better forecast future revenue to invest back into your business.”
Does your business accept credit cards as methods of payment?
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.
