“The customer is always right.”
If you believe that motto, you’ll know it also applies to the customer’s preferred payment. Running a cash-only business puts you at risk of losing untold business opportunities. And when Canadians are increasing their use of credit and debit cards[i] — at the expense of cash transactions — making sure customers can pay their way is a factor in your success.
We’ve compiled 6 reasons why going cash only may harm your business.
- YOU CAN KISS CARD-CARRYING CUSTOMERS GOODBYE
Tell someone they’re not welcome and they may never return. That’s what happens when you only accept cash. You may lose out on a growing group of people who prefer to only use cards.
- YOU MAY BE LOSING TRACK OF REVENUE
Tired of late nights spent calculating sales and revenue? Going cash only may be devouring time you could use to improve your business. Accepting cards helps you avoid the risks and stress of cash transactions. Many payment processors offer reporting tools that help you manage your business. You can review the reports online or download the information into spreadsheets and accounting packages for forecasting and analysis (Find out more here).
- YOU ARE MISSING OUT ON ADDED SECURITY AND PEACE OF MIND
A thief can walk off with your hard-earned cash. It’s not that easy when you accept credit and debit cards. Your funds are deposited electronically to your bank account, leaving you free to focus on what really matters.
- YOU’RE MAKING A BET THAT MIGHT NOT PAY OFF
If you only accept cash, you’re betting that your customer has enough cash to complete the transaction. If they don’t, you may lose part or all of their business.
Sixty-six per cent of Canadians said a store’s decision to not accept debit or credit would limit how much they spend (Find out more).
- YOUR COMPETITION ACCEPTS DEBIT AND CREDIT
You’re a cash-only business. A customer wants to use their card to pay. You wag your finger and point them to the basement, where there’s an ATM that charges a $3.00 service fee. What’s stopping them from going to a competitor that accepts credit and debit?
- YOU MAY BE MISSING OUT ON ENHANCED LOYALTY PROGRAMS
Many small businesses have a slow week or month. But stores that accept cards can take advantage of loyalty reward programs that use the technology in their payments terminals. You can build customer loyalty, increase revenue and identify your best customers.
So, is your business doing all it can to keep customers and potential customers happy? If not, maybe it’s time to consider accepting credit and debit. If that hasn’t convinced you, here’s a final, bonus reason to accept debit and credit:
Customers want to pay with their cards and the customer is ALWAYS right.
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 liable 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.