As a business owner, you have a ton of responsibilities - making sure you have a great product to offer your customers, ensuring you have the right staff, abiding by rules and laws, marketing your business to new clientele, paying bills, and the list goes on and on.
So, accepting credit cards - why add one more thing to your never-ending list of things to do?!
In a few words, here's why: the benefits of accepting credit cards FAR out weights not accepting them.
Have you ever actually considered the real benefits of accepting credit cards for your business?
International Bancard has put together a list of the top four reasons why your business needs to be accepting credit cards right now!
1. Increase Revenue
In a business, increasing revenue is critical to being successful and keeping your doors open. Perhaps the most important benefit, accepting credit cards can help increase your revenue.
- When using credit cards, consumers spend 12-18% more than when using cash for purchases.
- According to a survey conducted by Intuit, 83% of small businesses that accepted credit cards saw increased sales. 52% of those surveyed made at least $1,000 more a month and 18% made at least $20,000 more a month!
- Consumers are more inclined to impulse purchases when paying with credit cards - both frequency of purchases and the dollar amount of those purchases.
By accepting credit cards, you are easily creating the possibility of increasing your bottom line - something every business strives for.
2. Make Your Customers Happy
What would your business be without your loyal customers? Don't you want to make their experience with your business the best it can be?
According to Visa, credit cards are now seen as the most efficient payment method - surpassing paper checks and cash for the first time ever.
Accepting credit cards is becoming the new norm. If your customers want to pay with a credit card, but your business doesn't accept them, they are more likely to take their business elsewhere.
3. Attract New CustomersBusiness owners often find attracting new customers as a huge obstacles. However, you can attract new customers with hardly the lift of a finger - by, you guessed it, accepting credit cards!
- Consumers are more likely to go to your business if they know you accept credit cards.
- 51% of American adults under the age of thirty hate paying with cash - no matter the amount. The trend is continuing through different age brackets.
- Word of mouth advertising is huge! 84% of consumers take recommendations from people they know. While 68% of consumers are influenced by opinions posted online.
When you accept credit cards, you are making the life and experience of your customer better and easier. Therefore, your customers are more likely to promote your business and their positive experience to a new customers!
4. Boost Local Economy
When consumers pay with credit cards at your business, you are helping grow and thrive your local economy.
- In 2016, 112 million consumers shopped and dined small on Small Business Saturday, more than ever before. This is a 13% increase from 2015.
- When consumers shop at small businesses, more money goes back into the community. 48% of purchases at local independent businesses go right back into the community, compared to less than 14% of sales made at chain stores.
This all comes full circle. By accepting credit cards, your business will increase its revenue and your customers are more likely to spend more. Your customers will be happy and spread the word about your business and you can attract new customers. As your revenue and customer base grows, you will help your local economy, and increase your revenue!
This can all happen with simply accepting credit cards. So, what are you waiting for?!