It’s 2023. You’re not still operating a cash-only business, are you? There are actually companies out there that don’t even accept cash anymore. Why? So many consumers don’t carry cash on their persons. This is because they much prefer to pay with credit cards and debit cards. There are many reasons for this.
Consider the fact that lost or stolen cards can easily be replaced. Lost or stolen cash, on the other hand, is generally gone forever. Perhaps, more importantly, credit cards make shopping excursions so much easier on consumers. They enable people to make purchases up to their credit limits. Generally, this means that shoppers have greater freedom to buy what they want. Let’s take a deeper look at how credit card acceptance can help to boost your sales.
Your acceptance levels the playing field with competitors.
You know it’s true. All of the major players accept credit cards. If your store does not, it automatically makes it seem “small time”. Placing the logos of Visa and Mastercard at your store’s entrance is equivalent to the declaration: “We offer you the same convenience as any other store.” Don’t give shoppers reasons to choose other “more reputable” stores over yours.
“It is true that a business may lag behind the competition if it does not accept credit card payments, especially when competitors are,” says Marco Carbajo on TheBalanceMoney.com, “To survive, a business should accept credit card payments, which will obviously bring it to a level playing field with other competitors in the market.”
Your acceptance boosts your brand’s prestige.
To better the perception of your business in the eyes of the public, it’s practically vital that it accepts credit cards. In today’s world, a cash-only business appears “behind the times”. Don’t allow consumers to get the impression that your store is outdated.
“Taking credit card payments will establish your business in the industry as legitimate,” writes Carbajo, “Providing both current and prospective clients with more options in terms of credit card payments will please them and make them satisfied with your business, which in essence will improve your placement in the market. Therefore, accepting credit cards will increase your business’ level of legitimacy and instil rapport and trust with your customers.”
Lack of acceptance turns customers away.
Do you know how much business you’re losing by not accepting credit cards? Today, a “cash only” sign is as good as a “Don’t shop here!” sign. “Cash-only operations will hinder business sales and potentially make the business lose hundreds of prospective customers,” warns Carbajo, “However, when a business accepts credit card payments, its potential customer base expands massively as more customers are attracted, thereby likely boosting sales.”
Do you accept credit cards at your business? At Unity Payments, we proudly offer Canadian merchants a variety of high-quality POS terminals to choose from. You can easily and securely accept credit card and debit card payments with the Newland 910, the Ingenico Desk 5000 or the Ingenico Move 5000. To learn all about your options, please don’t hesitate to call us at 1-800-661-3761. You may also email us at email@example.com.