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