The first and foremost reason that accepting credit cards will increase your sales is because that is what your customer want.
And that is not just your existing customers; there are loads of prospective customers out there that you don’t know about. They are the people who want what you sell but get put off and go elsewhere when they realize that you don’t accept credit cards.
Very few people today are willing to carry large amounts of cash in their wallet, and even fewer are willing to carry a checkbook because checkbooks are cumbersome and outdated.
So signing up to accept payments by credit card is firstly about good customer service.
But there is more to it:
Apart from giving your customers what they want, you are also tapping into consumer psychology. Statistically speaking, people are inclined to buy more when they know that they can pay by credit card. That’s a proven fact!
Think about it. When you are out shopping, and you are going to pay by credit card, are you as cost-conscious as you are when you know that you only have a specific amount of cash in your wallet? Regardless of how you answered, studies show that credit cards reduce the “pain of paying” causing people to spend more on average.
Not only are customers less cost-conscious when they are paying by credit card, but they are also more inclined to take advantage of special offers, even if it wasn’t on their shopping list. If customers see value in the special offer, they will buy there are then, and that means they have bought more when they check out than they had intended to.
And impulse buys are the real kicker! Recent research shows that 70% of people admit to spontaneous purchases on impulse when they are paying by credit card. And it is even higher when they are shopping online: up to 88% of online shoppers admit that they select additional products on impulse because they are paying by credit card.
Impulse buys happen when a customer buys something that they had not intended to buy, and they pay for it without thinking the purchase through.
Cha-ching, cha-ching! Your cash register starts working overtime!
So whether you sell face-to-face or online, your sales are likely to boom once customers know that they can pay by credit card.
It’s up to you to make noise:
Once you are set up to accept credit card payments, all these is for you to do is tell your customers that card payment are welcome. No matter how small your business, or what type of business you have, make noise!
And start offering special deals and discounts: make sure that they are right there where your customers can see them. Reinforce your special deals and discounts at the checkout point and also reinforce that card payments are welcome.
Want to increase your sales? Sign up to accept credit cards and do a bit of creative marketing. That’s all you need to do, then stand back and watch your bank balance grow.
For more information about why accepting credit cards increases your sales, or to sign up for a merchant account, please call (888) 924-2743 or go to Charge.com.