Did you know that approximately 55% of all businesses still do not accept credit cards, despite nearly 60% of U.S. consumers using cards over cash (according to a recent report by the Federal Reserve)? If your business is not accepting credit cards, you are missing out on more than a large chunk of potential revenue. Learn more about the benefits of accepting credit cards at your business.
Accepting Credit Cards lead to higher spends
Consumers will not only spend 12-18% more when using credit cards as opposed to cash, but will also seek out businesses that accept credit cards. In fact, according to a WePay Small Business Survey, 69% of Millennials will not shop at businesses that only accept cash. Credit Card payments have even been linked to an increase in “impulse buying”.
Makes your business run more efficiently
Accepting credit cards is more than a convenience for your customers; It allows your business to run more efficiently. Businesses can improve their cash flow by no longer having to wait for checks to hit their account. Some payment processors even offer next day funding. It also frees up human capital hours for employees that were required to count, sort, and transport cash. Accepting credit cards is the safest way to accept money from your customers.
Opens up new retail opportunities
With only 23% of all POS transactions being made with cash by 2017, there is the potential for untapped revenue by accepting credit cards at your business. This also opens up your business to E-Commerce sales, which grew 15.6% in 2016.
We Can Help Your Business Accept Credit Cards
Whether you finally want to start accepting credit cards, or are interested in Next Day Funding for your business, Precision Payment Systems wants to help you! Call us at 504-434-0998 or visit our website www.precisionpaymentsystems.com to schedule a complimentary consultation for your business.