Increase Your Sales by Accepting Credit Cards

Most businesses accept credit cards nowadays, but if you don’t, you should consider it. Forbes magazine estimates that businesses who don’t accept credit cards lose up to 70% of purchases each ear, which is a frighteningly large number. You can significantly increase your sales by accepting credit cards for your business; let’s take a look at why. Most People Have Credit Cards The latest estimates show that the average American has about four credit cards, which means that you are missing out on a lot of plastic. Even more Americans have debit cards, which can be accepted like credit at your terminal or online. People Prefer Credit Cards to Cash Carrying cash means a bulky wallet and a better opportunity for someone to steal. It is much easier to keep credit cards stored safely in the wallet, only to be pulled out at the cash register, than to fish through pockets for the twenty-dollar-bill that they know was in there that morning. When you accept credit cards, customers are more likely to be able to buy, even if they don’t like to carry cash. Credit Cards Mean Rewards for Consumers More people are using credit cards for daily purchases because they can earn rewards points, cash back and free airline miles. By accepting credit cards, you allow your customers to increase their chances of getting the rewards they want. Even small purchases (such as a kolache at a donut shop) add up and give the consumer more points. Credit Cards Are Easier for Large Purchases If you are selling high-dollar items, your customers are going to want to use plastic. Very few people carry around several hundred dollars in cash, and even if they have a check book, they might not have the funds available when they walk into your store. Accepting credit cards promotes the aforementioned impulse purchase, which will skyrocket your sales. You’ll Miss Out On Expense Account Purchases When employees purchase items while working, they are usually going to have those items reimbursed from their employer, or else they are using the company credit card. You’ll miss out on the majority of those purchases if you don’t accept credit cards because employees don’t want to keep track of cash receipts. You’ll Miss Out on B2B Purchases Most companies purchase items from other businesses via company credit card. If you don’t accept credit cards, you are missing out on a major avenue of business. Companies will order in bulk, and they can almost always be counted on to pay their invoices. Not to mention, you’ll get the money much faster if you accept credit card payments rather than checks.