6 Reasons You Should Accept Credit Cards
All businesses have a variety of important decisions that they need to make on a daily basis. One of the most important decisions that a business owner or manager will need to make is regarding how they will accept payment from their customers. While some companies today try to be cash only, this can prove to be a disadvantage. Take a look at some of the key reasons why your business should never be “cash only” and should instead accept credit cards as a form of payment.
Don’t Lose Out on Customers
While cash used to be a very popular form of payment, fewer consumers are carrying cash on a daily basis. Simply put, if consumers do not have cash and you do not accept credit card payments, they will not be purchasing from your business. Even further, many customers choose to use credit cards as they can receive rewards. If you are not willing to accept credit cards as a form of payment, you will be taking away a convenient payment source and could lose out on customers because of it.
Don’t Limit Sales Potential
Along with losing customers, you will also limit your sales potential. The typical consumer today will either carry no cash or will only carry less than $20 in cash. Because of this, it is much harder for someone to make an impulse purchase that will increase their total order size. When someone has access to a credit card to purchase these items, they will be far more likely to make a purchase and spend more money. Studies show that shoppers are likely to spend up to 100% more on their credit card than when purchasing with cash.
Beat the Competition
While you may not be willing to offer credit card payment as a source of payment, it does not mean your competition will feel the same way. If you are not willing to allow your customers to have a choice in form of payments, they may end up going to your competition to receive a similar product or service for the added convenience. Eventually, this will allow your competition to grow at a faster rate, develop a deeper client list, and build a better reputation.
More Accurate Accounting
One of the main disadvantages that comes with only accepting cash payments is that it can make it harder to manage and organize your accounting and finances. When collecting cash only, your accounting processes will be far more manual and can lead to more mistakes. There is also a lack of formal records, which can make it harder to reconcile bank accounts. When using payment processing and other merchant services, you will have a much easier time tracking and organizing your revenue.
When operating a thriving business, it is essential to find ways to be as efficient as possible so that you have more time to provide great customer service. One way that you can improve your overall speed and efficiency is by accepting credit cards. When accepting a cash payment, there is a lot of time that is spent by both the customer and the cashier in counting cash, depositing it, and giving change. This can then lead to a longer line and less customer satisfaction. To offset this inefficiency, you may even need to hire additional staff. When you accept a credit card, the entire process can be completed in a matter of seconds.
Ultimately, accepting credit cards is much more secure for all people involved. When you accept cash, you are more likely to be a victim of a robbery as the criminals will know you have cash in the store. With a credit card payment processing service, the money will be deposited directly into an account with a lower chance of theft.
Overall, there are a wide variety of benefits that come with accepting credit cards and not only relying on cash revenue. When you are looking for a solution for your payment processing, BankCard Services is a great solution. Bankcard Services offers a wide variety of flexible products and services that can help you to easily accept and manage credit card payments. Ultimately, this will help you to provide a great service to your customer and see an improvement in revenue.