Cash-only businesses are a dying breed – but they still exist. Their reasons for not accepting credit cards vary from not wanting to pay the fees to just not wanting to deal with the hassle of new processes and systems. However, businesses who are still refusing to accept credit card payments in 2018 are missing out. Let’s break down the top four reasons why your business should accept credit cards.
1. Credit Card Users Spend More
Customers who are paying by credit card tend to spend more in a single transaction than non-card purchasers. They also tend to spend more impulsively, which is great news for your profits. This is likely because paying with a credit card removes the shopper from the purchase and lowers the emphasis on the money they’re spending. Counting out $100 in cash makes it a lot harder to ignore the price tag than just swiping a piece of plastic. Whatever the reason, your business is the winner when customers pay with credit cards.
2. You’re Losing Customers
You might not notice it, but your decision to not accept credit cards is costing you money every day. Sure, credit card transaction fees are no fun, but you’ll make up for them in the increased business you’ll see after you start accepting cards. Many shoppers today expect to be able to pay with a credit card and may not carry enough cash on them to cover their purchases. Even if you put an ATM in your place of business, the added hassle (not to mention the added fees) of having to step out of line, use the ATM, and get back in line might be enough to cause the customer to abandon their purchases. Even if they do make the purchase on this occasion, they’ll likely find a different business to shop with in the future.
3. Appeal to More Customers
Forget the customers you’re losing because you don’t accept credit cards – what about the ones you won’t ever attract in the first place? Credit cards are becoming the norm when it comes to payments, and many consumers simply won’t shop at a business that doesn’t allow them to use their preferred method of payment. Your business should accept credit cards to start attracting these customers and avoid being labeled as a relic from the stone age.
4. Fewer Cash Flow Hassles
Think about it: Every night you painstakingly count up the money in the cash drawer, add the checks, and secure everything till the next trip to the bank. That money isn’t doing you any good as long as it’s just sitting in your business, and it can take days till you’re able to sneak away to make a deposit. With credit card transactions, this all happens totally seamlessly and you receive an automatic batch report at the end of the day. Plus, you don’t have to worry about the cash drawer being short, human error, bounced checks, or any of the other countless hassles associated with other methods of payment. Now you can use the time you’ve saved to focus on what’s really important – running your business.
OK, I’m Sold – What Now?
If you’ve decided your business should accept credit cards, great! 360 Payments is here to help make the process and easy and painless as possible. Give us a call at 1-855-360-0360 or drop us a line on our website. We’d love to have you join our family.
PS – The perfect travel credit card really does exist – read all about it.
PPS – Here’s how to choose the credit card that’s perfect for you.