Taking credit card payments. An opportunity, not a cost
Accepting credit card payments is a great way to boost your sales. While there are fees associated with taking card payments, the benefits of doing so far outweigh these costs. Accepting credit and debit cards from the popular card brands can help to legitimize your business as well. When customers see the Visa, MasterCard, American Express or Discover logos displayed around your store, on your POS, credit card terminal or cash register or on your eCommerce website, trust in your brand intrinsically grows because they likely already carry and use daily cards with one or more of those logos.
Boost your sales and attract more customers
Accepting credit cards can help you boost your sales and attract more customers. These days, a sign in the front window of a shop that reads “Cash Only” can be a deterrent for many consumers who no longer regularly carry cash in their wallets. A 2014 Bankrate survey found that “2 out of 5 consumers carry less than $20 in cash on a daily basis.” We can assume with a good degree of confidence that this figure may be even less today in 2016. Interestingly, that same survey found a gender discrepancy in those who carry cash: “Women tend to carry less than men. 77% of women carry $50 or less on a daily basis, compared with 61% of men.” Make sure your business is ready to process transactions from those consumers who choose to carry little to no cash by accepting credit cards.
Increase your ticket averages and impulse buys
Shoppers using credit cards have been shown to spend more and make more impulse purchases than those carrying only cash. Even for those shoppers who may carry a $20 bill in their wallet, for example, accepting credit cards gives consumers the opportunity to spend even more at your business. The numbers don’t lie: people spend more when they are using a credit card versus cash. A Dun & Bradstreet study (cited by NerdWallet) found that people spend a substantial 12-18% more when using a card instead of cash.
Improve your cash flow and back-office practices
Accepting credit cards helps improve your business’s cash flow because you’ll likely have access to card transaction funds more quickly than check funds. You’ll have the security that you will receive that money—versus waiting for a check to clear and hoping it doesn’t bounce. The less cash you and your associates have to handle also improves your back-office practices and heightens your security. You’ll save trips to the bank and make your store a physically safer place by having less cash on-hand.
Sure, there are fees associated with accepting credit and debit cards but the additional sales you make will more than make up for those costs. Attract more customers and keep your current customers happy and loyal by accepting credit cards and debit cards at your brick-and-mortar locations and in your online marketplace.
Getting started accepting credit card payments is fast and simple when you choose Vantiv. We have a payment processing solution for every type of small business, whether you operate a retail store, a restaurant, a salon, or any other business that accepts payments. Our great rates, added features, and award-winning customer support make Vantiv the perfect choice for your business. Call us to learn more today.