In our last blog, we detailed why credit card use is beneficial for consumers. We listed the building of one’s credit history, accumulating reward points and getting additional coverage on purchases as top draws. As a business owner, you stand to greatly benefit from accepting credit cards in your store. There are numerous advantages!
It increases 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 Elie Y. Katz makes clear on Forbes.com, 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.”
Credit cards encourage impulse buys.
For the most part, there is really no such thing as “I don’t have enough money” when a person pays with a credit card. Depending on his/her credit limit, of course, one can generally shop to his/her heart’s 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 Katz, “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.”
It provides a safer environment for your workers.
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.
“Reduced cash on hand and cash handling time and costs, including counting cash at the end of the day, armoured transport, higher likelihood of theft and pilfering and potential mistakes by cashiers,” confirms the Canadian Bankers Association.
Do you accept credit cards in your store?
If not, you’re missing out on a wide range of benefits. At Unity Payments, we believe that the easiest and most convenient way for merchants to accept credit cards is with the Poynt Smart Terminal. To learn all about this revolutionary POS terminal, please don’t hesitate to call us at 1-800-661-3761. You may also email us at info@unitypayments.ca.
