Summary: As a business owner, it would be wise to allow customers to pay with debit and credit cards. Some of the benefits have been explained below.
If you are a business owner who does not accept credit cards, you should strongly reconsider. There are many advantages to allowing customers to use their cards, including the ones outlined below.
Fewer People Carry Cash
Nowadays, fewer people carry cash on them. Credit cards and mobile wallets have made it significantly easier to always have a form of payment with you at all times. Using cash requires people to carry multiple bills with them, and if they end up making a purchase somewhere, there is a good chance they will ultimately have change, in the form of coins, somewhere in their pockets or bags.
As a business owner you want to make it as easy as possible for whoever walks through your door to make a purchase, right then and there. If a customer wanted to purchase a good or service from your business, only to find out that they would have to step out to look for an ATM, he or she likely would reconsider the purchase. Look into a merchant service provider to add that level of convenience to your business.
Customers Will Spend More
Another reason why you should accept credit cards is that customers will spend more. Not actually seeing the money that will be spent could result in more impulse purchases. A recent study showed that, on average, customers who pay with their credit or debit cards spend 12 – 18% more than those who pay with cash. This could be because customers do not actually have to count their money out.
Easier to Prevent Stealing
An additional advantage of accepting credit cards at your business is that it makes it more difficult for employees to steal. Although it is unfortunate, stealing takes place around the world. By using a card terminal from Charge.com or other merchant service providers, the money received from transactions will get deposited automatically.