Cash may be fun to have, but it can be a tiresome medium for transactions. There’s a lot of it to handle during the day, and after you close your store or business, you have to go through bookkeeping, which can be tedious and repetitive. However, this does not necessarily have to be the case. In fact, it’s not even the optimal way of doing things when it comes to pleasing your clients. Most customers would prefer to make purchases using their credit cards. Accepting credit cards can bring a lot of benefits, and in this article, we’re going to take a look at 4 reasons why you should make the switch.
- Credit cards encourage impulse purchases
Customers will often end up with more, or different, goods than they intended to buy. This decision is sometimes random, but as a store owner, you can encourage these extra purchases in a variety of ways. You can use special offers, product placement within the store, and, of course, you can accept credit card payments. Credit cards have been shown to increase the probability of an impulse purchase, which is another reason why credit cards are so beneficial for your bottom line.
- Credit cards are more convenient for clients
All clients have a preferred payment method. As a business owner, it’s in your best interest to have as many options as possible, because some clients may not make a purchase if their preferred method is not available. One of the many reasons why credit cards are a favorite is because they often offer rewards after a certain amount of purchases are made. If a store does not accept credit cards, the customer is effectively wasting points that can lead to a reward, and clients will often choose the competition for this reason.
- Hold less cash on your premises
Accepting cash means that you have to handle storage and security. A large amount of cash on your premises makes you a target for robbers and burglars. If you make most transactions using cashless payments, you are less likely to be targeted, and in the case of a crime, you will not suffer remotely as much financial damage as you otherwise would.
- Access to financing options
Accepting credit card payments can make you eligible for a Merchant Cash Advance (MCA), which is a very convenient alternative to bank loans. In case your business needs a quick influx of cash, an MCA is the way to go, since it does not even necessarily require a pristine credit history. Furthermore, the loan is repaid as a percentage of all future credit card transactions, removing much of the headache and stress that comes with loan repayment deadlines.
As you can see, there are tremendous incentives for businesses that accept credit cards. Everyone from your clients to your bottom line will have something to gain. And, if you are currently growing your business, the MCA is a great way to access the funds you need.
For more information on why your business should accept credit cards, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.