| It's a given that running an online business | | | | or other incentives for every dollar that a |
| means that you need to accept credit cards. | | | | consumer charges to their card. People who |
| If you don't then you are losing as much as | | | | are enrolled in rewards programs will go out |
| 70% of your sales to competitors who do | | | | of their way to pay by credit card and avoid |
| accept credit cards according to an article | | | | using cash at all costs. If your business |
| published by Forbes Magazine. But it's not | | | | doesn't want to help them earn their rewards, |
| just online businesses that suffer lost sales | | | | they'll simply find another business that |
| by not accepting credit cards. That same 70% | | | | does. |
| figure, and higher in some cases, is | | | | |
| applicable for off-line businesses as well. | | | | Credit Cards Are More Convenient For |
| | | | Big-Ticket Purchases |
| Most People Do Not Carry Much Cash | | | | |
| | | | Customers who are spending hundreds or even |
| Thanks to direct payroll deposit and debit | | | | thousands of dollars on a product simply |
| cards, 50% of Americans carry "a few singles | | | | expect to be able to pay by credit card. This |
| and may a five or ten" and 40% carry "around | | | | is especially true for those customers who |
| $5 or less including coins" according to an | | | | cannot afford to pay for their purchase all |
| opinion poll conducted by one company | | | | at once and who are planning to pay the |
| recently. | | | | balance off over a period of time. |
| | | | |
| This means that even if you are selling | | | | Some Customers Are Forced To Use Credit Cards |
| low-priced items you will be chasing away as | | | | |
| much as 90% of your potential customers if | | | | Employees who are making purchases on the |
| your product or service costs more than they | | | | behalf of their employers, or employees who |
| are carrying with them at the moment and you | | | | travel on company business, are often issued |
| don't accept credit and debit cards. | | | | company credit cards which they are expected |
| | | | to use for all purchases. Accounting for cash |
| Even Starbucks, which has an average sales | | | | expenditures, and the subsequent process of |
| transaction amount of $4, does the bulk of | | | | reimbursing the employee for their |
| their business with credit card and debit | | | | out-of-pocket expenses, is a nightmare for |
| card transactions. | | | | businesses. If you don't accept credit cards, |
| | | | these employees are shopping elsewhere. |
| Statistics indicate that the average American | | | | |
| carries at least four credit cards and nearly | | | | You're Losing Out On B2B Purchases |
| all Americans carry a debit card. You're | | | | |
| missing a lot of purchase opportunities if | | | | Many companies that are making purchases of |
| those cards aren't welcome at your business. | | | | products or services for their own internal |
| | | | use or for resale prefer to pay with a credit |
| Most Consumers Prefer Paying By Credit Card | | | | card for accounting reasons. Not accepting |
| | | | credit cards means that you are losing out on |
| Not only do consumers avoid the inconvenience | | | | the opportunity to serve repeat customers who |
| of carry cash, which includes the threat of | | | | are being forced to take their business |
| loss or theft, but they also enjoy the | | | | elsewhere. |
| security of knowing that their bank is | | | | |
| willing to back them up should they end up in | | | | Hopefully you've found one or more good |
| a dispute with your business over the quality | | | | reasons to start accepting debit and credit |
| of your products or services. | | | | cards at your business. And if the reason |
| | | | you're not accepting them is because you |
| Then There Are The Rewards Programs | | | | think you can't afford to, think again. The |
| | | | truth is: You can't afford not to! |
| A lot of credit card programs offer cash-back | | | | |