Advantages of Accepting Credit and Debit Cards:
Usage trends indicate consumers continue to use their debit and credit cards more each year. So, it seems the use of credit and debit cards as a payment form will not be going away anytime soon.
If you don’t accept debit or credit cards, your business may be missing an opportunity. Listed below are some advantages of accepting credit and debit cards:
- Meet Consumer Demand – plastic payments are the preferred method of payment for most consumers, whether the payment is by credit, debit, or gift card, because they:
- Want to generate reward points
- Need to buy something for their company and get reimbursed later
Want to play the float game between when they’re billed and when they have to pay
- Want to limit the amount of cash they have on-hand
- Increase Sales – consumers spend more per transaction and tend to purchase more goods and services via a credit card vs. cash
- Capture Impulse Purchases – By accepting credit cards, customers are more likely to purchase additional goods and services.
- Businesses forfeit up to 80% of impulse purchases if they don’t accept credit cards.
- Reliable Payment – Accepting credit and debit cards helps streamline the purchase process.
- Sales are deposited directly to your account. No checks to cash, no deposit tickets to fill out, and no worrying about something unfortunate happening on the way to the bank or credit union.
- Reduce Losses – By accepting credit or debit cards you can cut down on receivables and write-offs.
- Card payments are approved at the time of sale, securing your deposit. No bounced check collections or outstanding invoices to worry about.
By accepting credit and debit cards, you allow them to pay you the way they want to, increase your sales, secure your deposits, and reduce your losses. Contact us to see how you can move forward with your business.