Top Benefits of Accepting Credit Cards
Statistics suggest credit cards increase sales as much as 500%. Here are some more specific benefits of letting your customers swipe.
- Reaching online customers
The bulk of web-based customers pay by credit card, so if you don’t accept them, you may be locking out 90% or more of your online customers. They can mail in a check or they can call you, but most seem to prefer to pay online. So give your customers what they want.
- Enabling purchasers from out of state
This online customer could be a busy exec, stay-at-home-parent, disabled client, or elderly patient that can’t get to your store, so they need their stuff delivered. For them, this convenience is a lifesaver. On the other hand, they could be someone far away, across state lines. Without credit card options, they have no practical way to buy from you. Their referrals could further increase your sales volumes, so allow them – and their friends – to give you their money.
- Developing a fan base of regulars
It’s easy to tag added benefits to credit cards. It helps the customer’s eligibility and access to loans, so you’re doing them a service by letting them use their card at your store. However, you can step it up by linking the card to a loyalty program. This prompts customers to keep coming back.
- Enhancing customer comfort
Almost everyone has a credit card these days – even tweens. For the typical US consumer, it’s the most natural way to pay. It makes them feel safer because they don’t have to carry cash. They are reassured by access to ‘cash’ in emergency situations. If nothing else, accepting customers therefore increases the convenience and comfort levels of your customers. Just opt for instant verification to avoid inducing unease.
- Building credibility
On all those crime shows, fugitives pay in cash to avoid leaving a paper trail and incriminating themselves. We never look at the other end of the equation though – the store that accepted small bills and crisp notes from a shifty-looking person. The ‘ask no questions’ policy doesn’t always boost your reputation. In that sense, accepting credit cards makes your business modern and legitimate. After all, everyone knows that big, professional companies normally accept credit cards!
- Enabling customer habits
Businesses love the impulse buyer. The one who walks into the store for milk and walks out with a new TV. The best way to tap into this customer is to let them pay by credit card. It’s probably the only way they can cover those additional purchases. Plus, studies have proven that credit cards reduce the ‘pain of paying’ so, statistically speaking, your customers will not just tend to spend more when they pay by card – they’ll enjoy it more too!
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.