Many companies want to reach the largest possible audience and offer them a positive brand experience. An integral part of the overall shopping experience is the business' payment processing system, therefore companies need to make sure they offer the most convenient and hassle-free option possible. The most convenient in today's business world is the credit card, as most people use credit or debit transactions to purchase products or services. Working with consumers and offering payment methods that are most suitable for their needs and habits will bring back more customers in the long run.
In order to stabilize after the recession and grow in the coming months and years, companies need to understand how current payment trends will evolve in the future and affect business. It is sometimes necessary to adapt to new industry trends, keep up with the latest advancements and move forward with the best options for customer engagement and service. Here are 4 additional reasons why businesses of all sizes should accept credit cards:
1. Increase Sales
It's a fact that customers don't like to pay cash as much anymore. Businesses with credit card payment options will see more sales from a larger group of shoppers, especially with online purchases. The increase in sales will happen overnight if companies invest in credit card payment methods, according to Merchant Express.
2. Target new shopper demographics
Every person shops differently, and companies need to make sure each client experience is personally important and customized for each shopper. Credit card payment options allow businesses to capitalize on impulse buyers or those looking to make a quick purchase and move on their way.
Sales will increase and different types of shoppers will follow through with their purchases, because being able to pay with a credit card is easy and fast. Having to linger and count money to make a purchase may be a hindrance to the overall process and discourage people from coming back.
4. Establish Reputation
The Houston Chronicle points out that having credit card transaction options shows shoppers and other industry competitors legitimacy. Once customers start purchasing from company and are happy with their experiences, word will spread and develop brand image to improve sales.
This article is for informational purposes only and it is not intended to provide you with any personalized financial, marketing, accounting or tax advice. Neither Moneris Solutions Corporation (Moneris) nor any of its affiliates shall be loable for any direct, indirect, incidental, consequential or punitive damages arising out of use of any of the information contained in this article. Neither Moneris nor any of its affiliates warrant or make any representation regarding the use or the results of the use of the information, content and materials contained in this article in terms of their correctness, accuracy, reliability or otherwise.
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Moneris processes more than 3 billion credit and debit card transactions a year, for over 350,000 merchant locations across North America. We have over 1,300 dedicated employees who understand transaction processing and know how to make it work for you.Follow on Twitter More Content by Moneris