Why Credit Cards Are the Best Thing Ever for Your Business

 

Why Credit Card Are the Best Thing Ever for Your Business

credit cards

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There aren’t many of us who can remember a time when most purchases were made using cash. Some nostalgic folks might lament the times when cash in retail was king. But not us. There are so many benefits that credit and debit cards bring to both merchants and customers.

 

More people are going to buy your stuff

Have you seen the credit card vs cash statistics? They’re very illuminating – and, for some businesses, very alarming. The fact is that cash has started going a little out of style. If you can call a mere 20% of purchases made in the United States using cash a “little” out of style.

 

The fact is that people expect to be able to use their credit or debit card when purchasing something. Fewer and fewer people are even carrying cash these days. If you don’t have the means to accept card payments, then they’re probably going to walk away and take their business elsewhere.

 

 

 

credit cards

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It’s easier to make bigger purchases

 

 

It’s easier to make bigger purchases

Customer psychology is a funny thing. Tell someone that they can buy this television or this computer for $500 and they’ll pay you pretty quickly, or at least strongly consider it. (That is, of course, assuming it’s actually a good deal!)

 

But tell them they have to pay cash? And suddenly that $500 seems like an incredibly large amount. Customers have a much easier time handing over money in the form of an abstracted sum, as is the case with card transactions. When they use cash, it feels like they’re spending a lot more money.

 

 

 

 

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Mobile workers can get in on the action too

 

For a long time, the benefits of using a credit card didn’t apply much to people who have to be mobile in their work. Contractors like builders and artists, among others, have had to use invoices or mess around with cash.

 

This hasn’t always worked out fantastically. Invoices rely on trust that you’ll be paid. Cash requires you to carry change around. But now you can look into accepting credit card payments using your mobile phone or tablet. You can now use a card reader with these devices, which takes a lot of strain off of mobile workers.

 

 

It’s safer

One of the reasons consumers love credit cards? Because if it’s stolen, it can easily be canceled. And besides, if the thief doesn’t know the PIN then there’s not much they could have done anyway! Cash is a different story.

 

 

You can’t call up your bank and cancel your cash to prevent the thief from using it. So an element of financial safety is introduced when there’s less cash around. This goes both ways, of course. Having less cash on the premises definitely makes you less of a target for robbers.

 

 

 

 

 

credit cards

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It requires less math

Just had to throw this one in here. How many of us have thoroughly enjoyed handling cash at a till? Having to work out how much change to give to the customer while a thousand others are queuing behind them?

 

 

Some are good at mental math. Others aren’t. Credit card payments don’t require too much of a mathematical workout. A blessing for many among us, for sure!

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