Why Businesses Profit From Accepting Credit / Debit / Gift Cards

Many small businesses are leaving money and new relationships on the table by not accepting credit cards or other forms of cashless transactions. Studies have shown that merchants can achieve 50% plus increases in sales by simply offering multiple payment options.

How many times have you been sitting in traffic thinking about that new "toy" you want, but realize your short on cash this month. You arrive home, check the mail, and there is a new consumer credit card staring at you. We are an impulsive society and want things now!

Many industries can benefit from an expansion of payment options. For example, a large property manager could use a secure internet payment solution to accept recurring payments. Oil delivery drivers could swipe a credit card with a wireless terminal before filling a consumers oil tank. Limo / Taxi's could accept credit cards and we would not have to accept another blank receipt from a taxi driver (happens every time). Flea market, swap meet, and tradeshow merchants could use wireless solutions to sell more product / services.

Businesses often complain about the fees they pay to the credit card companies. How often do those same businesses often spend hours upon hours chasing invoices? I would prefer to get the sale I might not have had if I did not offer alternatives to cash. My guess is the combination of lost sales and time / effort chasing accounts receivable cost the merchant far more than the fees that are paying to the credit card companies!

Source by Hunter Goodman

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