As a business owner, you have many responsibilities; making sure you have a great product to offer your customers, ensuring you have the right staff, abiding by rules and laws, marketing your business to new clientele, paying bills, and so on.
Why add one more thing to your never-ending list of things to do when it comes to accepting credit cards? The benefits of accepting credit cards far outweigh the cons.
Below are the top four reasons why your business needs to accept credit cards right now.
- Increase revenue
In a business, increasing revenue is critical to success and keeping your doors open. Perhaps the most important benefit of accepting credit cards is that it can help increase your revenue.
- When using credit cards, consumers spend 12 to 18 percent more than when using cash for purchases
- According to a survey conducted by Intuit, 83 percent of small businesses that accepted credit cards saw increased sales. Of those surveyed, 52 percent made at least $1,000 more a month and 18 percent made at least $20,000 more a month!
- Consumers are more inclined to make impulse purchases when paying with credit cards, including both frequency of purchases and the dollar amount of those purchases
By accepting credit cards, you are easily creating the possibility of increasing your bottom line, which is something every business strives for.
- Make your customers happy
What would your business be without your loyal customers? Don’t you want to make their experience with your business the best it can be?
According to Visa, credit cards are now seen as the most efficient payment method, surpassing paper checks and cash for the first time ever.
Accepting credit cards is becoming the new norm. If your customers want to pay with a credit card, but your business doesn’t accept them, they are more likely to take their business elsewhere.
- Attract new customers
Business owners often find attracting new customers a huge obstacle. However, you can attract new customers by hardly lifting a finger if your business accepts credit cards.
- Consumers are more likely to shop at your business if they know you accept credit cards
- Fifty one percent of American adults under the age of thirty hate paying with cash, no matter the amount. The trend is continuing through different age brackets
- Word of mouth advertising is huge! About 84 percent of consumers take recommendations from people they know, while 68 percent of consumers are influenced by opinions posted online
When you accept credit cards, you make your customer’s lives easier, and enhance their shopping experience. Therefore, your customers are more likely to promote your business and their positive experience to new customers!
- Boost local economy
When consumers pay with credit cards at your business, you are helping your local economy grow and thrive.
- In 2016, 112 million consumers shopped and dined small on Small Busines Saturday, more than ever before. This is a 13 percent increase from 2015
- When consumers shop at small businesses, more money goes back into the community. About 48 percent of purchases at local independent businesses go right back into the community, compared to less than 14 percent of sales made at chain stores.
This all comes full circle. By accepting credit cards, your business will increase its revenue, and your customers are more likely to spend more. Your customers will be happy with their experience and spread the word about your business, so you can attract new customers. As your revenue and customer base grows, you will help your local economy, and increase your revenue!