If you’re like me, you’ve run into more than one disappointment while shopping. The worst is when what you want is so close you can feel it – but you can’t buy it. You find that perfect item, get up to the cash register, hand over your credit card anxious to walk away with your find, and then feel your heart sink as the cashier states, “We don’t accept credit cards here.”
Small businesses eager to grow their sales miss out on opportunities every day because they choose to only accept cash. If you have pondered getting a credit card machine for your small business, here are 10 reasons to stop hesitating and go buy one today:
1. Put Money in Your Pocket Faster.
No matter what type of small business you run, you need the cash flow to keep your doors open. When you take IOUs from loyal customers, or hope that someone will leave and then come back to make a purchase, you delay payment (and sometimes never get the sale).
2. Make Your Accounting Easier.
Keeping track of all of that cash is a hassle. It puts the burden on you to manage where cash came from, how much you earned, and track down those customers who are late on payment. When you take credit card, you instantly get a digital record of where your money came from. You can also track who owes you money by uploading delayed payments into an invoicing system.
3. Attract More Customers.
I am one of the40% of consumers that carries $20 or less in my pocket. 9% don’t carry any cash at all. When you send those cashless customers back out the door in search of an ATM, the chances of them returning to you are not great. You miss out on sale after sale by limiting your customers on how they can pay.
4. Legitimize Your Small Business.
You know you are trustworthy and run a perfectly honorable organization, but you’re your customers might not. “Cash only” sometimes says “less than professional” to some customers. That’s not the signal you want to send. Putting up a sign that shows you accept credit card immediately builds trust among your new and existing customers.
5. Customer Satisfaction Skyrockets.
Your customers carry credit cards for a reason. Most people have a Visa or Mastercard in their wallet. Fewer have Discover or American Express. No matter which brand of credit card your customer prefers to use, keep them happy by gladly accepting payment with it. Want to go the extra mile? Start acceptingGoogle Wallet orPayPal payments online too!
6. People Buy More From You.
If a customer knows you only take cash, they will automatically limit how much they can spend in your store. When you take credit card, the sky – or their bank account balance – is the limit. The more obstacles you free up for your customers, the more likely they are to increase their purchase amount from you.
7. Your Investment is a Small Drop in the Bucket.
Compared to how much more money you will make by accepting credit cards, the investment in the hardware and processing fees is a small price to pay. The cost of accepting credit cards is minimal for today’s small business owners. Lower your credit card processing fees by using on-the-go devices, such asSquare. You will not notice the small amount of fees you incur compared to the influx in sales.
8. Maintain Positive Cash Flow.
Depositing cash in your bank account or waiting for checks to arrive in the mail takes a long time. The more cash and check transactions you accept, the longer you delay positive cash flow coming into your bank account. Processing payments digitally changes all of that, placing money in your small business account within a matter of hours, instead of days.
9. Expand Your Business Reach.
You have plenty of customers who are willing to pay with cash. Imagine if you could expand your business reach, and also attract a new customer base who prefers to pay with credit card? When people know you accept credit cards, they are more likely to walk through your doors and buy from you.
10. Avoid Failure in Your Small Business.
Did you know that90% of small business failure is directly connected to cash flow issues? That alone proves the importance of maintaining a positive cash flow, encouraging larger purchases, and making it easier for your customers to buy.
The bottom line is, if you want your small business to prosper, it only makes sense to accept credit cards.