If your business has hit a plateau, you might be thinking about how you can kick things up a notch. If you’re ready to take things to the next level, the first place to start is with your accepted forms of payment. Are you still under the assumption that cash is king? If so, take a step into the 21st century and discover the power of credit card acceptance.
The Truth About Cash
You might be a business owner, but you are also a consumer. You know that you’re likely to purchase that hundred dollar item if you can throw it on a credit card. After all, who carries that much cash in their wallet these days? If the business does not accept credit cards, you’re going to put that item back on the shelf and say you’ll come back later with cash. But you won’t. By the time you gather the cash, you might discover you don’t need that item as much as you thought you did in the moment. Sale lost.
Lost Business Deals
When so many businesses offer credit card payments, it seems silly to be one of the only places that doesn’t. You’re going to lose out on sales when it comes to big ticket items, but you might even lose out on small purchases. Many people carry credit cards in lieu of cash, and smartphones have taken over with apps that let you pay with a swipe of the phone. A ten dollar purchase can be too much for non-cash-carriers to even consider. Your would-have-been customer will just walk down the block and buy from the other shop that sells the same things you sell because they take credit.
Going from a cash-only business to one that accepts credit and debit cards could lead to a big boost in sales as you expand your customer base. In fact, studies show that 83% of small businesses that began accepting credit cards saw an increase in sales. Don’t miss out on that increase. Get ready to take your business to the next level.