Did you know four out of five (80%) consumers prefer to complete transactions with a card instead of cash? If this statistic does not get you rethinking your cash-only policy, the benefits and statistics we reveal below certainly will.
Simplify Transactions with Total Business Solutions
Before we shift our attention to some surprising credit card statistics and benefits, we wanted to clear up a common misconception among small business owners. Many small business owners believe obtaining credit card processing capabilities is too costly, frustratingly complicated, or both.
Nothing could be further from the truth. You can easily add credit card processing into your sales model by partnering with Simpay. Our total business solutions include point of sale (POS) tools, payment processing capabilities, and more.
To top it off, we accept all major credit cards, so connect with us today and let us modernize your payment processing capabilities.
4 Benefits of Accepting Credit Cards
By embracing Simpay’s total business solutions, you can simplify transactions and:
1) Reach a Wider Audience
To make your products or services more accessible and appeal to a broader audience, you must offer credit (and debit) card processing.
According to 2022 research, the average consumer makes 23 debit card transactions and 18 credit card transactions per month. Moreover, credit card payment frequency continues to trend upward. Comparatively, Americans average just 14 cash transactions per month.
Imagine how many more sales you could rack up if you simply started offering credit card processing. You could sell more and eliminate friction from the buying process.
2) Establish Your Business as More Legitimate
While you probably opted for a cash-only sales approach to keep life simple, this decision may be hurting your brand image. Some consumers might view your business as less legitimate or professional than a competitor who processes credit cards.
So take down the “cash only” sign in your front window and expand your reach by offering credit card processing. Doing so may be the key to taking your business to the next level.
3) Improve Cash Flow
Injecting cash into your business is critical to promote continuity and fuel growth. However, maintaining a stable revenue flow when you only accept cash payments is challenging.
Adding credit card processing to your payment model eliminates purchasing barriers. You will also be able to cut down on bank trips, saving you hours each month and giving you more time to focus on your business.
4) Open the Door for Online Sales
According to recent estimates, approximately 218.8 million U.S. consumers will shop online this year. If you cannot process credit cards, you are preventing your company from taking advantage of this vast market segment.
Even if you have no interest (or ability) to ship goods to consumers, you can enable customers to pay for goods in advance via online or over-the-phone credit card payments. Providing this additional payment pathway to consumers can help you cut down transaction times and speed up the flow of customers through your store.
Grow Your Business With Credit Card Processing
As you can see, adding credit card processing to your business model can help you boost revenue and enhance the customer experience. Expanding your payment processing capabilities can also enable you to tap into the lucrative online sales ecosystem. Investing in credit card processing is a great way to grow your company and remain competitive.
