Did you know? One survey shows that only 24% of Americans claim to make all/most of their purchases with cash. As a business owner looking to increase their profits, why miss out on the remaining 76% of purchases and consumers?
As more people use credit cards, debit cards, and mobile payment options like Apple Pay and PayPal, paying with cash has become fairly uncommon.
Are you still not convinced about changing your “cash-only” policy?
Infinity Payment Systems, a prominent provider of payment processing solutions in Wilmington, North Carolina, lists down 3 reasons to accept credit card payments from your customers.
- Provide Convenience to Customers.
All too often, when customers are greeted with “cash-only” signs that require them to find an ATM to complete their purchase, most shoppers simply leave and do not return. Instead, they look for another shop where they can conveniently purchase on their debit or credit card.
Every customer has a preferred payment method. Thus, your business should provide a wide spectrum of payment options for their convenience. Likewise, many people also prefer to use credit cards because of the rewards they get from their banks. So if your business is not accepting credit card payments, you might lose your potential customers to your competitors.
- Encourage Impulse Buying.
When paying with cash, customers need to have the exact amount of their purchase (or more) with them. On the other hand, paying with a debit or credit card provides them with more freedom and they have to face fewer limits on their spending. In fact, a study shows that when paying by credit card, shoppers have a tendency to spend more and are more likely to make impulse purchases.
- Less Cash In Your Business Premises.
When you only accept cash, it means that all of the money you make is in your business premises. This can be a bad idea as having large sums of cash on hand can put you at risk for internal and external theft. Potential thieves will be likelier to target a cash-only business that they think will have plenty of cash to take from the register. Also, even your own employees might be tempted to steal cash from the register. On the other hand, if you were to accept cashless payments, these potential thieves may overlook your store because most of your cash is not there.
The Bottom Line
Today, more and more people are leaning towards cashless payments and businesses that do not adapt to this are getting left behind. As an expert in cash management solutions and transaction processing in North Carolina, we make it easier and more affordable for you to set up your business to accept credit cards.