Advantages of Applying Credit Card to excel 20 ~ 35 % of business transactions
Credit cards consuming is becoming Americans' payment method of choice. According to the 2013 Study of Consumer Payment Preferences, 41 percent of shoppers say they have cut down on their use of cash over the past two years. And 97 percent of these respondents said they are opting for credit, debit and gift cards instead.
No matter restaurant or retailer business, your sales are very likely to rise if you start accepting plastic. While the economy is becoming more optimistic, Various studies have suggested accepting credit cards typically increases a business' sales by at least 30 percent, with some research claiming sales can double. Here are some additional reasons:
Credit card payments can increase cash flow
When customer pays by credit card, the funds usually flow directly into company's bank account within 24 hours. Compare this to the often months-long process of billing a customer and all kinds of risk for payment. Credit card payment process can increase a lot of cash flow for small business.
Credit cards encourage buying and New Product lines
Paying by credit card makes buying an item or a service very easy. Customers will appreciate being able to complete transactions quickly and without fuss. And the ease of using credit cards can also facilitate impulse purchases. Studies have shown that people tend to spend more, and make more frequent purchases - when they are using plastic rather than cash.
Consumers tend to buy more frequently and spend more with credit cards
As was previously mentioned, people using credit cards often spend more than those using cash. Credit cards also facilitate the purchase of big-ticket items that people want to pay for slowly over time. This can be a big incentive to spend - and more money to be recorded with your business financial software.
You can reach a wider audience
One benefit of selling products on the internet is being able to market to people living across the country - and across the world. In fact, credit card transactions make the process of selling an item to a customer in Scotland as easy as selling to someone who lives down the street. Automatic currency conversion makes international purchases easy for both the seller and buyer.