4 Ways That Online Sales Increase Revenue

In our last blog, we detailed six factors that prove that accepting plastic is a necessity. In fact, it’s surprising that in 2014, there are still merchants who only accept cash. The Canadian buying public loves using credit and debit cards to pay for their purchases. So business owners who don’t allow for such payment options are simply losing out. On ModestMoney.com, a blogger known simply as Adam agrees.

He writes that a company’s bottom line profits by accepting credit cards, mainly because it allows for online sales. This is a hugely important factor that didn’t even make the list in our last blog. And that’s because it deserves a blog all its own! Canadian shoppers don’t just love paying for their purchases with plastic. They love shopping online as well. And it should go without saying that online shopping most often requires credit card usage.

Are you interested in expanding your customer base? Do you wish to increase your profits? Would you like to begin selling your products through your company website? A natural “yes” to any of these questions means that the acceptance of credit cards needs to be part of your business practices. Adam writes that there are four key ways to increase your revenue by accepting credit card payments online.

1. You will appeal to the masses. It’s a digital world. People are all over the internet each and every day. It pays to appeal to such a wide range of people by accepting online payments. “By accepting credit card payments online, you will be catering to the needs and interests of the masses,” writes Adam, “If you operate a traditional, brick-and-mortar business, you will be able to increase the efficiency of your order fulfillment process in general.”

2. You eliminate processing fees for chargebacks. Adam writes that there are fees and expenses that come with accepting cheques. What if they bounce? In most cases, your products have already been received by the customer, so what do you do about your missing money? You have to use up your time, money and resources to track down the amount of the original purchase price, plus the fees associated with the bounced cheque, reminds Adam.

3. You avoid being an “endangered species”. Cash sales are endangered species, according Adam. That would make businesses that only accept cash part of a dying breed. In 2014, it’s practically become mandatory to offer your customers other payment options. “With the increased desire for customers to have more convenient options made available to them, it seems as if cash payments are no longer as popular or prevalent as they were in the past,” Adam writes.

4. You can offer discounts for credit card customers. This is a great way to generate more sales, says Adam. For example, you can offer promotional discounts and coupons to shoppers who buy from you online. He advises merchants “to focus more on the fact that you will be able to increase your conversion rate and generate more sales in general by offering promotional discounts and incentives. This method has more to do with driving more traffic towards your checkout stage in general.”

Accepting credit cards as payment methods will allow you to sell your products online. And selling your products online is bound to increase your profits significantly. If you have yet to begin accepting credit cards, Canadian POS Corporation can have you all set up within three days. “Within the world of business today, the goal is always to stay relevant and competitive – especially in a tough market,” says Adam. Let’s get you to that goal today. Call us at 1-877-748-2884.