The basics of business are to provide a product or service and receive profitable payments. And to ensure said profit, you have price your offerings higher than your expenses, while keeping them at a figure customers are willing to pay. Beyond that, you need to tell potential customers about your products / services, and encourage them to buy regularly. Can accepting credit cards help you do this? Yes. How? Let’s count the ways.
We buy things because we like them. They serve our purpose and solve our challenges. But sometimes, there are lots of similar products that work equally well. How do you get more customers to choose your brand over others? Loyalty cards are a good strategy, and you can tie them to credit cards. If using their card at your store offers extra benefit, buyers will keep coming back.
Let them earn points and free merchandise. They’ll soon be inviting friends and family to your business, racking up loyalty points for themselves. And once these piggy-backing customers catch on, they’ll be demanding loyalty cards of their own, widening your roster of regulars. Invest in quality branded merchandise that customers will be eager to ‘earn’.
Many of today’s consumers would rather pay by card. They don’t even carry cash, so if your business doesn’t accept cards, they’ll move on to a store that does. Also, a lot of us have made the switch to online shopping. And when you’re buying off a website or tailored app, credit cards are the primary payment option. So, to accommodate your customer preferences, cards are crucial.
For expansion purposes, think of those last-minute sales. It could be a last-ditch gift for a forgotten birthday, a customer rushing in two seconds to closing, or a netizen that discovered your sale two minutes before the promotion wound up. In a cash scenario, you can serve one customer in those last few moments. With credit cards, you can squeeze ten customers into those precious minutes. And, statistically speaking, they’ll spend more on average than they would if they were buying cash.
The principle is simple. They’re rushing to beat the deadline and are relieved they snuck past. But now that they’re inside, they’re relaxed and the adrenaline is fading, so they’re in a celebratory mood, which could lead to additional spending. Their credit card offers them more ‘disposable cash’ than if they had a fixed amount of actual currency.
Another expansion opportunity is impulse buyers. Many of us stop ourselves from unplanned buying by not carrying cash. With a credit card, we have instant access to large amounts of money, so we’re more likely to indulge in a ‘special treat’. Without credit card acceptance, your business loses those sales.
For more information on accepting credit card payments to expand your customer base and grow your business, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.