These days, it’s hard to come across a merchant that still doesn’t accept credit and debit cards as methods of payment. But that doesn’t mean that they’re still not out there! Many merchants are hesitant to begin accepting Visa, MasterCard and Interac transactions for fear that the rates they will have to pay won’t be worth it in the long run. Research has shown, however, that nothing could be further from the truth.
And this is simply because when business owners decide to accept credit and debit cards, they increase their sales. It’s a simple fact. Customers, in today’s day and age, rarely walk around with cash on them. It’s so much more convenient to simply pull out a card, swipe it and be on your way with your purchases. Not to mention, most cards provide their users with vast benefits.
But let’s take a look at the benefits to you! How can you be sure that your customers will end up spending more money just because they are able to use plastic to pay for their purchases? Could it be that it simply makes your business appear more prestigious? In many cases, that’s totally true. But on Visa.com, some more incite is provided on why plastic acceptance boosts sales.
According to the site, the average Visa purchase is consistently larger than a cash purchase. “While the average cash transaction is $17, credit card purchases average $66 and debit card purchases average $42. And that can make a real difference to your bottom line,” says Visa.com. And it makes sense, doesn’t it? A credit card has a credit limit, of course. But it doesn’t limit customers the way cash does.
If you have $20 in your pocket, then that’s all you can spend. Period. If you have a credit card in your pocket, you have the opportunity to spend more. As a business owner, this is all positive news. Giving your customers the ability to pay with plastic and not just cash encourages them to not inhibit themselves from making larger purchases. How could this not benefit your brand?
The benefits of credit card acceptance don’t stop at increased sales, by the way. That may be the only reason you need, but plastic offers merchants so much more. Consider the convenience that you are providing your customers by allowing them to select their methods of payment instead of being forced to stick to just one. Allowing credit card transactions is bound to boost your customer loyalty.
This is especially true among the younger generation of shoppers, says Visa.com. Using cheques to pay for purchases is an outdated practice. Accepting credit and debit makes your customers’ lives easier. And we live in a world where people love things to be made easy for them. How else can you explain the incredible rise in popularity of such social media sites as YouTube?
At one time, not so long ago, we would have to sit and watch television to catch our favourite shows and music videos. Today, the internet allows you to watch nearly anything you want with the click of a button. When you make people’s lives easier, you become very popular. This is what accepting credit and debit cards can do for your business.
Call Canadian POS Corporation at 1-877-748-2884 to begin accepting credit and debit cards today!