10 Perks that Come with Accepting Credit Cards at your Business
A past slogan for American Express slogans was “don’t leave home without it,” urging travelers to bring along credit cards everywhere. People must have been paying attention, since as of 2014, at least 167 million American adults have at least one card, according to Creditcards.com.
Even though more and more people are preferring to use plastic, some merchants still demand cash or local checks. In the past, it was easier to go without these cards, since processing often included high fees and multiple steps. But today, there are more reasons to accept credit cards.
It makes your business legitimate.
Even something as simple as putting up “We accept cards” in the window demonstrates that you’ve taken appropriate financial steps.
It shows you welcome everyone.
People who prefer credit cards to cash may have stayed away from your store in the past, but saying “we accept paper and plastic” is more inclusive and appealing to all types of shoppers.
It’s smart business.
Even if you choose not to accept cards, your competition likely is – and potentially using it as a selling point against you.
It encourages impulse buying.
If someone browses without cash, they still may find something they like.
Easier to set up.
There are a variety of merchant tools to make the process quick and easy, more than clunky readers from the past.
- Because there are many processors in the market, there are more options — and lower costs.
- Possible higher revenue. Someone with a certain amount of cash will only spend that much. But bringing a credit card along can encourage them to spend higher amounts.
- Better cash flow. Credit card payments can be processed right away, and don’t have to wait until checks clear or you make a cash drop at the bank.
- More incentives. Credit cards that reward customers for spending, such as airline miles or cash back, can make it even easier to spend.
- More security. Customers may enjoy protection from their credit card company, since cash is more final.
For more information about credit cards, merchant services or other financing options, contact Anmarc Business Capital at 410-995-8925.