Running a business is all about making customers happy, and providing the goods and services that they need. A large part of this is letting customers pay through the method that is most convenient for them. These days, credit cards are the best option for many consumers. Customers feel more secure and appreciate that they don’t have to carry cash or worry about making change.
For many, it’s a budgeting tactic that helps them keep track of their spending. They can set themselves a card limit to make sure they don’t use too much money. They can also regularly review their card statements and see where they can cut down. It’s easier than hoarding cash receipts.
On the other hand, credit cards have a direct influence on sale volumes. If you have a good merchant processor, your customers’ cards are verified instantly, which means the purchase process is much faster. This can be crucial if they are in a rush, if they are buying on impulse, or if they are trying to catch that promotional offer before it ends. The more sales you can process before your promotion is over, the better for your bottom line.
Faster processing increases sales
Accepting credit cards can also improve the security of your store. The more card transactions you process, the less physical cash your store will have on hand. Since robbers and burglars target high-cash premises, your store will be a less attractive target.
Customers are wary of data theft, especially through skimming and phishing. And as a business, you need to be sure that both you and your merchant processor protect customer data. High-end encryption is essential. However, like any digitized system, credit cards do offer data that is helpful and benign. For example, using your card system, you can easily check which products or services are performing well in terms of sales.
This can help you to maintain inventory, making sure popular items are always available and minimizing your stocks of slow-moving items. It can also show you which areas you should venture into, because it tells you what customers like and what they don’t. It can show you new products and services to consider, and it can guide you on adjusting prices and promotional offers for better profit margins.
For more information on why you should accept credit cards, or to sign up for a merchant account, call (888) 924-2743 or go to Charge.com.