Virtually every business owner has come to the realization that, like mobile phones and the internet that supports them, credit cards are here to stay. If you are still on the fence about whether accepting these electronic payment methods is the right choice for your company, take a few minutes to learn how doing so can pad your profits and delight your customers.
Cash in with cashless customers.
Increasingly, carrying significant amounts of bills and coins is becoming a thing of the past. For businesses that only take physical currency, a greater number of customers each year will walk away without making a purchase because they are only carrying their cell phone and a credit card or two. As soon as you join your competitors in taking plastic, you too will be able to benefit from these patrons’ purchases, often for bigger-ticket items.
Turn sales from one-time transactions into the start of a relationship.
When someone buys items with cash, the money is exchanged for a receipt, and the person goes on their way. They might even forget your business entirely. As for you the merchant, you have information about how much was spent and when, and that’s all.
By contrast, when you take credit cards and use a point of sale device that includes a database function, you can also keep track of the personalized details pertaining to the individual making the purchase. Plug them into the POS’s customer management tools, and you have all the data you need to make them the first member of your new loyalty program.
Streamline returns and exchanges.
Another credit card benefit that both you and your customers will appreciate is that the purchase information appears on the shopper’s credit card statement. Should there be any concerns or disputes related to the product, all parties can readily retrieve everything necessary to resolve the situation.
Benefit from impulse buying.
How many times have you noticed a product in a store, looked at the price and knew that you could not buy it because you didn’t have enough cash in your wallet? Perhaps you walked away, but maybe you instead chose to make this spontaneous purchase with a credit or debit card. Had the business accepted only cash, you would have lost out on the item, and they would have failed to get the profits.
Credit cards allow consumers to — technically — buy now and pay later. While this behavior once only occurred when people made major, high-value purchases, it is happening today on even low-priced items. As a business owner, you know better than anyone that micro-buys might seem insignificant on their own, but they add up over time in big ways.
Making the move to accept electronic payments doesn’t mean you can no longer accept cash or checks from anyone who prefers those payment methods. What it does do is to open your retail operation to an entirely new stream of customers. In addition, it facilitates the personalized, streamlined purchase experience that today’s shoppers demand.
