Statistics indicate that the average American carries at least four credit cards and nearly all Americans carry a debit card. You’re missing a lot of purchase opportunities if those cards aren’t welcome at your business.
Thanks to direct payroll deposit and debits cards, 50% of Americans carry “a few singles and may have a five or ten” and 40% carry “around $5.00 or less including coins“ according to an opinion poll conducted by one company recently.
This means that even if you are selling low-priced items you will be chasing away as much as 90% of your potential customers if your product or service costs more than they are carrying with them at the moment and you don’t accept credit and debit cards.
A lot of credit card programs offer cash-back or other incentives for every dollar that a consumer charges to their card. People who are enrolled in rewards programs will go out of their way to pay by credit card and avoid using cash at all costs. If your business doesn’t help them earn their rewards, they’ll simply find another business that does.
Many companies that are making purchases of products or services for their internal use or for resale prefer to pay with a credit card for accounting reasons. Not accepting credit cards means that you are losing out on the opportunity to serve repeat customers who are being forced to take their business elsewhere.
Hopefully you’ve found one or more good reasons to start accepting debit and credit cards at your business. And if the reason you’re not accepting them is because you can’t afford to, think again. The truth is: You can’t afford not to!
Guest Writer – Evelyn Siegel
Evelyn Siegel founded Cash Flow Services in 1997, to help businesses of all sizes increase their sales and flexibility by accepting credit cards.
Cash Flow Services works with new and existing businesses that would like to accept credit cards as a means of payment. We offer customized credit card equipment and innovative business solutions that improve cash flow, including E-commerce, POS Systems, custom Gift Cards, credit card terminals, check/conversion acceptance, wireless/mobile terminals/smartphone’s and cash advances.
If you have a current merchant account, we offer a FREE detailed analysis of your fees and rates.
Evelyn can be reached at 310~826~4847 or evelyn@cashflowservice.com