What’s a customer looking for when they visit your store or approach you for business? They want goods or services, of course. But there ,ay be hundreds of other businesses with the same offerings. Why should they come to you specifically? It could be because they like you and your prices. Or because you offer added value. Let’s dig into the qualities customers look for, and how accepting credit cards can help you provide them.
Whether they’re dashing for a quick coffee or shopping for a last-minute gift, customers are often in a rush. Even in restaurants where they’re looking for a leisurely lunch, they’d prefer the payment process to be quick. Why? Because spending money hurts. We love the value we get from it – tasty food orshiny toys for example. But ‘giving money away’ even if it’s in exchange for something we really want, hurts at an organic level.
More abstract payment processes help us avoid the pain. When a customer pays be credit card, they don’t have to count your currency, wait for change. With credit cards, customers don’t think as much about how much they are spending. That is why studies have shown that customers are more likely to make a purchase when using a credit card instead of cash, and more likely to spend more money when they do. It’s also a matter of convenience, because these days, most customers want to pay by card.
Apart from reducing the pain of paying, credit card usage potentially improves your customer’s credit score. This helps them access financing for their personal needs – mortgages, car payments, insurance, discounts, instalment-based purchases and more. So by accepting credit cards, you’re building up your customers even as they are building up your business. It’s a mutually beneficial transaction, and the that will keep them coming back.
On the subject of repeat business, credit cards are still the best way to run a loyalty program. Customers can earn points for every swipe, and they can redeem these points at your business. If your business is customer-facing, form networks and relationships with your customers. Let them feel seen.
For more information on keeping your customers satisfied by accepting credit cards, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.