“We accept credit cards.” After all, providing the ability to pay in a number of ways helps customers say “yes” to purchases they might not have the cash in hand to cover. And that is becoming more commonplace every day.
We live in a world where technology rules; where millennials and their younger counterparts have grown up with credit cards and debit cards provided by their parents as a safer alternative to carrying cash, and/or to keep track of spending habits.
As these young consumers age, their preference to go “cashless” has resulted in merchant service providers making it easier than ever to insert, swipe or tap. As a possible “boomerang effect,” these preferred-cashless buyers may also be prone to avoid stores, restaurants and other service providers that do not accept credit cards. That’s something to seriously consider if you are running a cash-only business.
While the thought of implementing a credit card processing system may seem overwhelming, accepting credit cards at your business pays off in the long run, and here’s why.
Credit cards make collections easier and encourage more purchases. The transaction is usually quicker than paying with cash or check. Plus, it takes away the mental aspect of “giving change” as well as balance sheet errors that can occur with under-or-over payment by cash. Plus, credit card acceptance often leads to more frequent purchases by customers who put a high-value on convenience.
Credit cards keep track of transactions. An electronic record is automatically created through whatever service or device that handles your transactions. This record is invaluable when assessing sales, issuing refunds, dealing with disputed transactions, compiling marketing data and more.
Credit cards send money your way immediately. Customers with credit cards pay immediately, getting your business its payments faster and improving cash flow. For businesses that send out invoices and often wait for payment for several weeks, this benefit may be the most compelling reason to accept credit cards.
At Card Connect Gold Coast, we believe the sooner you accept credit cards, the sooner your products and services will become available to more people for more sales and more profits. We offer credit card processing to merchants of various sizes and industries, and are always looking for every opportunity to help our clients obtain more value from each transaction. Merchant accounts, credit card processing, universal commerce, point-of-sale (POS), payment processing, we do it all. Contact us today online or by phone at (800) 823-2131.