In the past, writing a check was the easiest way to make a payment when you didn’t have any cash on you. Actually, it was probably the only option. However, other than for big payments, like groceries or paying bills, paying in cash was always easier, especially since balancing a checkbook can be a pain. Nowadays, checks have become all but obsolete and cash is becoming secondary to debit and credit cards. As a result, every business who wants to provide a great shopping experience and build a larger customer base will have to learn how to accept credit cards. Though that might take some time and a bit of an investment, it is important for any owner looking to thrive in today’s marketplace.
Unlike checks in the grocery store, most everyone can use debit credit cards. While some companies might need to figure out how to accept credit cards to make sure that homeowners can pay their bills quickly online, others might want to make it easy for people who want to get a quick snack while on the go without carrying cash. On top of that, since more people than ever before are going to college, according to the Pew Research Center, and stats from Statistic Brain say that three quarters of college students have a credit card, businesses should invest in credit card processors that allow them to cater to the widest range of consumers.
That massive array also includes online shoppers, who are an important demographic for modern businesses. Predictions by Forrester Research say that eCommerce will reach a whopping $370 billion by 2017, and the digital marketplace is completely dependent on debit and credit cards. So having strong social media and SEO campaigns can be a luxury, but they won’t reach their fullest potential if businesses are unable to accept online payments.
Unfortunately, it is not always easy for businesses to start being able quickly switch away from cash-only policies, especially if they have no training or experience in how to accept credit cards. If that is the case, then owners should partner with reliable payment companies who can provide the software and tools needed along with some expert advice. They can make the difference between missing payments and failing to keep consumers happy and easily transitioning.
Small local bars and restaurants might be able to get away with having a cash only policy, especially if they already have a loyal customer base who knows what’s up. However, businesses that want to compete on a national scale will have to make sure that they can handle credit card payments. Doing so will not only allow them to accept every customer, but encourage online shopping as well. That could be key to long-term success.