Accepting credit cards leads to increased sales from the additional customers you will attract. But, customers are also likely to spend more when they pay with a credit card. According to Dun & Bradstreet, consumers spend up to 18% more when using credit cards instead of cash for purchases.
According to a 2020 study by the Federal Reserve System, 27% of U.S. consumers opted to use credit card payments, while 19% preferred paying cash. Every year, the Federal Reserve reports, the use of bank cards over cash expands.
Customers are also more likely to spend more knowing that their credit card is on file, making any kind of return or repeat purchases easier for many merchants. Clients who pay cash and lose the receipt often find themselves in a tough position when there’s a dispute or a problem.
Cash customers also do not feel safe walking around with loose cash. Think about the scene from “It’s a Wonderful Life” when Uncle Billy lost the $8,000 right in the bank. Credit cards are protected by an additional layer of safety while commuting and traveling, making online purchases and making disputes.
Motus Financial provides reliable, cost-effective and secure merchant card processing we are uniquely qualified to help your business reap the many benefits of accepting credit cards. We can help answer your questions about setup costs, monthly fees and transaction fees, all the while helping you understand your many options for credit card processing.
We’re here for all your payment processing needs and our dedicated consultants are available to help you.