The world is rapidly moving away from paying with physical cash when we purchase things and instead, paying by card is becoming much more popular among customers. If your business involves any type of sales, then it is more important than ever before for you to start accepting credit card payments.

Here are five reasons why your business should start accepting credit card payments and some of the perks you and your customers will benefit from.

It Can Be Easy to Set Up

Before paying by card became more common, it was quite difficult for a business to set up credit card payments for customers and the transactions often came with additional charges. But through the development of technology, such as Shopify’s point of sale app, it is now increasingly easy to integrate card payments into a business.

Their app allows customers to pay by credit card easily and even sends them email or text receipts as proof of the transaction.

Encourages Impulse Purchases

Often, customers will leave your store having purchased more things and spent more than they intended to. While this mostly occurs randomly, there are techniques that businesses use to encourage customer impulse buys.

While you can up-sell and use product placement to ensure that customers are more likely to see them, one of the best ways to encourage additional purchases is through accepting credit card payments. If you only take cash, then a customer can only spend the physical money they have available, but with their card, they have access to more funds.                

It’s Easier for Customers

All your customers will have different payment preferences, but it is important that you cater to as many of them as possible. As the world is increasingly going digital and people’s wages get paid directly into their bank accounts, few people carry large amounts of cash around with them. Making more payment options available to customers will make it much easier for them to spend more money with you – what better reason is there than that?

Cash Only May Deter Customers

If a customer can only pay by cash with your business, then it may deter them from using you all together. Every day you do not accept credit card payments, you may be losing customers to one of your competitors who does accept card payments.

Customers may receive additional rewards from their banks when they use their cards for transactions. So, they are more likely to go spend their money at a business who has card payment facilities available.

It’s Safer

If you are a cash-only business, then you are likely to find that you will have a lot of money on-site, and this could make you a target for thefts and burglaries. However, if you accept credit card payments then you are less likely to be at risk because not as much money will be on the premises.

As a society, we are starting to use less and less physical money every year and customers are shocked at the prospect of not being able to pay by credit card. It is very simple to set up your business to accept credit card payments and the benefits for you and your customers are endless!

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