Small business owners have begun to realize that customers love plastic! Cash is cumbersome and unsafe, while checks are nearly on their way out. Apart from these obvious benefits, card users can avail themselves of a dazzling array of freebies, discounts, rewards and points on shopping, dining out, entertainment, streaming, travel, and more. That’s often enough to reel in even the most conservative of spenders.
Consumer Behaviors That Drive Card Use
As the card industry booms, it’s important to remember some key facts:
- Gen Z will start to hit adulthood by 2020: These are people who were born into Google, social media, and online shopping, who would find cash and check payments inconvenient and unfamiliar
- Customer experience is a primary influencing factor and news spreads at supersonic rates on social media
- Mobile and remote purchasing and payments will rule in the future
- Data security and fraud remain a top concern
- ATM withdrawals and check payments have declined in value for personal transactions
Boost Your Sales With Credit Card Processing
Whatever the size and nature of your business, there are card processing options tailored just for your unique needs, preferences and budget. The type of business, location, streamlining and security requirements, as well as revenue requirements play a role in your choice of the perfect card processing company to partner you.
Accepting credit card payments can boost your revenues in ways that you’d only dreamed of:
Crank up your sales: Studies show that sales could increase by 500% or more when you offer credit card payment facilities. And significantly increased sales are much more common than not. A survey by Intuit reports that sales increased significantly in 83% of small businesses that accepted card payment.
Credit card customers tend to spend more and often: Card payments by their nature of being psychologically removed from handling “cold, hard cash,” encourage people to purchase more frequently and to spend more when they do. Card payments are the preferred mode for big ticket buys, travel and dining out, special occasions and gifting. However, they’re also a popular choice while paying for groceries, fast food, commuting, and transportation, etc.
Get the impulse buyer: This consumer is the darling of small businesses. They tend to act on emotions and are seldom constrained by what’s in their purses or wallets at that particular moment. Credit cards work on principles similar to casino chips or carnival tokens where the connection with cash is less strong. Card payments are fast and easy, leaving little time for second thoughts!
Stay in sync with customer expectations: Card payments give trustworthiness and legitimacy to businesses – a spillover from the card brand they carry in their wallets. With almost every kind of business, both brick-n-mortar and e-commerce, accepting card payments, customers expect and demand card payment facilities. Otherwise they simply move elsewhere.
Reach out more: Broaden your customer base to include not just the local shopper, but also tourists, business travelers, corporate buyers, national and international customers etc.
Glitch-free cash flow: Payment funds are deposited automatically into your bank account. You can plan and strategize for your business and ensure its health and growth.
As a small business owner, it’s a savvy move to accept credit card payments and watch your business put on some speed. For more information on how to generate more sales by using credit card processing, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.