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Benefits To Businesses Accepting Credit Cards
You may still be on the fence when it comes to deciding whether or not to accept credit cards. After all, opening a merchant account can be expensive. While that is true and you may not want your business taking on another expense especially in difficult economic times, you should be aware that adding credit cards to your array of payment options is going to provide some clear benefits for your company. Below is a list of some of those benefits:
Cash is Becoming Rare
One of the biggest changes in how people do business today is that few of them are carrying cash in significant amounts. Research has shown that about 90% of Americans rarely have more than a few dollars in their wallets or purse. They may be able to use a vending machine or leave a tip but that's about it. If you don't accept credit cards and your customers don't carry cash, you are in a stalemate which you are most likely going to lose, along with their business.
Easier for Big Ticket Purchases
Although cash might not be a bad choice for small items, if you are in the business of selling something bigger you're going to need another method of payment from your customers. Remember it is not safe for your customers to be carrying around large quantities of cash. Now you could extend them credit yourself but that could be risky. You may end up losing a lot of money that way. However, if you accept a credit card payment, your customers can buy those big ticket items with no worry and they can pay them off over time if they choose.
If you're wondering why so many people have stopped carrying cash, the answer is that it is simply more practical to rely on debit and credit cards today. Men, for example, no longer have to carry around bulky wads of cash or try to find a place to put the checkbook. Plus, more people are having their checks directly deposited into their checking accounts and that means cash never passes their palm. Requiring payment via cash or check would just be inconvenient for most customers today and people rarely spend money at businesses that are inconvenient.
More Types of Customers
By requiring payments in cash or in check, you could also be alienating some types of customers. What about people who do the shopping for businesses? Remember businesses have plenty of things to buy but most of the people responsible for purchasing are required to use credit cards for the business. If they can't use their credit cards at your company, they won't give you their business. Other customers may prefer using credit cards because they often offer rewards, such as cash back or frequent flyer miles, for purchases. When you require cash payments, therefore, you don't just rob customers of convenience but also of these additional rewards.