There is a likelihood we will eventually become a cashless society. Surveys show the majority of us carry up to $50 in cash on a daily basis. The most common amount is $20, probably because ATM’s dispense twenty dollar bills and we think $40 is too much.
We will withdraw $20 every day rather than $140 each week because that helps us control our spontaneous spending. We’ll use the $20 for small purchases;
- Lunch tips but put the meal on a debit or credit card.
- Newspapers and candy bars at the gas station but the gas will go on a card.
- Ice cream cones for the kids but their school lunch is paid quarterly by credit or debit.
- Concessions at Little League games but all registration and equipment fees went on a card.
- A drink after work but if we buy a bottle of wine to take home that will be a debit or credit.
- We’ll give two bucks to the panhandler but other charitable donations accept our card.
If you are in business to earn more than pocket change, you will need merchant accounts to accept the payment methods preferred by your customers. Some of those customers will use a debit card, credit card or mobile device at the McDonald’s drive up to pay for a $1 diet coke. Older people will blush when doing that but Millennials will not even blink.
Research and surveys show we are well on our way to becoming a cashless society; not just in the US but around the world. In the US 80% of consumer spending was debit, credit or gift card.
With only 10% of shoppers choosing to pay cash your percentage of consumers is miniscule and you won’t be in business long. A small investment in a merchant account will make your products available to the other 80% of the buying public. Some surveys state that purchasers who use credit/debit cards spend about 18% more while in your establishment than cash buyers.
Merchant accounts are critical for business success. As interested shoppers we go to your website expecting our information is safe with charge.com as your merchant account. Security measures are in place to protect us that check-by-mail never had.
Merchant accounts are like a safety barrier between the seller and buyer. Choose one that is Payment Card Industry Compliant like Charge.com which also offers 128-bit encryption. Merchant accounts that protect customers sensitive information are critical for businesses success. Customers don’t care what you’re selling until they know they can trust you.
Call us at Charge.com on 1-888-924-2743 for merchant accounts for business success.