Credit cards have an obvious advantage for buyers. They allow consumers to purchase goods and services even when they don’t have cash in hand. But what benefits do they offer from a business perspective? Let’s explore a few possibilities:
- Enable faster transactions
In cash transactions, the merchant has to receive the money, work out the added tax, and give the customer their change. Similarly, the customer has to figure out how much they owe and find suitable cash denominations. Swiping shaves time off the payment process, and makes it possible even when exact change is not available.
- Increase your sales volume
Carrying cash around is unsafe and inconvenient. Plus, for most people, it’s psychologically easier to swipe a card than it is to count cash. That’s why card users are more likely to make a large purchase. This translates to more sales and larger sales for your business.
- Facilitate online sales
Big names in the retail industry are shifting towards online sales. It cuts costs and offers convenience for shoppers, letting them buy anywhere, anytime. When a consumer buys on their phone or computer, they can only pay via check or credit card, making credit cards essential for e-commerce.
- Reach customers who live far away
In addition to convenience, online stores provide access to customers in distant regions. Whether they’re shopping in another county or another country, your online store can serve them when your shop front is too far away. This is especially useful when consumers are travelling abroad.
- Maximize promotional offers
Customers sometimes act on promotions only at the last moment. They may get around to attending a sale on its last day, or even its final few minutes. At that point, cash sales would be cumbersome and frustrating. Credit cards will let you serve buyers faster, squeezing in last-minute sales and boosting your bottom line.
- Convert impulse buyers
Similarly, many consumers are driven by chance purchase and impulse decisions. If a buyer hadn’t planned on shopping, they won’t have cash on them. Still, they can use their credit card to buy. This works well for online stores if you employ a ‘customers-also-bought-these-similar-items’ function in your online store.
- Enable mobile payments
Phone-based purchases are gaining popularity. Such purchases simply can’t be facilitated using paper money, so you need apps and software that enable card acceptance.
- Minimize theft and fraud
When you accept credit cards, you can engage a payment processor that applies top security features. These include measures such as military-grade encryption, PCI QIR compliance, and instant verification.
- Gain customer loyalty
Many stores have loyalty programs, but they use coupons and product discounts, which are time consuming. Swiping a credit card that is linked to your loyalty program is easier and more convenient.
- Cut down business costs
Accepting credit cards through the right payment processor can give you access to free software, free shopping carts, and other free add-ons that are crucial to your business.
For more information on the benefits of accepting credit cards, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.