Keeping pace with the latest technology trends could be just what your small business needs to boost profits. Studies show companies that accept credit and debit cards can see a huge increase in volume. That’s why today’s businesses should accept credit cards what can double or even triple their current sales.
Credit cards became one of the most common methods of customer payment, with nearly 60% of U.S. customers using credit and debit cards instead of paying in cash or writing out a check. Despite the growing use of plastic over cash, a recent research showed that more than half of U.S. small businesses do not accept credit cards.
Although acceptance of credit cards has beneficial effects on customers and on your profit:
Accepting credit cards helps level the playing field with your competition: Your competitors are already accepting credit cards. To stay profitable and competitive, you need to offer the same service.
Saves time: Cash payments involve counting, sorting and transporting money to your bank account, so plastic cards can help to save you more time on the most important things. Moreover, holding cash can make businesses more attractive to thieves.
Accepting credit cards can improve your sales: Credit and debit card payments have been leads customers to an increase in “impulse purchasing,” which has the potential of increasing both the amount of sales and dollar income of customer purchases.
Accepting credit cards is a relatively inexpensive business expense. Credit card payments are processed electronically and settled quickly, so the money can be deposited into your bank account fast and efficiently. This means no more waiting for checks to clear, no more billing and waiting to collect from your customers, and less cash to handle (so your business won’t be attractive to thieves)
Every business has different needs, and over time these needs change. As your business grows, you can count on us to bring you the latest payment technologies, as well as banking services and management tools to match your changing needs – with the expert guidance to put them all to work for you.
That’s why today’s businesses should look into a payment processing partner like WOW Payments that can provide high-quality services, products and customer care. Expand your payment options.