If your business doesn’t accept credit cards, you’re losing out on opportunities. In 2015, only 20 percent of transactions involved cash while over 42 percent used some type of credit card; this number only continues to rise. It’s clear Canadians want to use their credit cards. If your business fails to accept them, you’re missing out on a huge market.
Aside from the increased usage rate, accepting credit cards provides your business with a handful of other benefits. If you’re not sure why your point of sale solutions should include credit cards, here are six reasons it’s time to make the investment and start accepting plastic.
1. You Can Increase Sales
In business, money talks—making one of the most obvious reasons for accepting credit cards the increase you’ll see in sales. Because so many people use credit cards, failing to accept them limits the number of sales you can complete.
However, when your point of sale solutions include credit cards, you’ll be able to accept more payments from a wider range of customers, helping you make more sales and increase your profits.
2. It Promotes Impulse Buying
Shoppers are much more likely to make impulse purchases using their credit cards over cash or debit cards. In fact, studies show 79 percent of impulse buys are completed in store rather than online, meaning retail stores have the opportunity to promote this type of shopping and increase sales.
For business owners, this should ring some alarm bells. If you don’t accept credit cards, you’re missing out on a huge profit margin from those who make impulse purchases with credit instead of cash.
3. It Helps You Remain Competitive
Today, it seems every business accepts credit cards. If you don’t, customers are more likely to choose the competition over you, leading to lost sales and less customer traffic.
By investing in point of sale solutions that accept credit cards, you’re able to serve customers on an even playing field with the competition. It also leads to more return customers. They’ll know you accept credit cards, making them more likely to return.
4. It Enables You to Get into the Online World
If your business plans on taking the leap into the world of e-commerce, accepting credit cards is vital to success. Nearly all online purchases are completed using credit cards, so if you’re not accepting them, your online store won’t generate much traffic.
5. It Helps Your Customers Reach Incentives
Customers often choose a specific credit card due to the extra benefits it offers. For instance, many credit cards include incentive programs for cash back bonuses, free movie tickets, and air mileage.
For this reason, many customers alter their shopping locations in order to increase credit card usage to maximize their ability to earn such incentives. If your point of sale solutions accept credit card payments, you’re more likely to encounter sales from customers who are looking to rack up some extra points by using their credit cards.
6. Accepting Credit Cards Is Easy
Growing your business by accepting credit cards isn’t as complicated as you might think. With the right merchant services provider, your business can begin accepting credit cards sooner than later, helping you reach your business goals and better serve your customers.
Get started today and expand your business with the right point of sale solutions for today’s modern shopper.