Cash is limiting, period. Let’s take a look at two near identical scenarios but which yield two very different outcomes.
Scenario 1: Sean’s Surfboard Shack sells a variety of boards and surf sports gear. Molly comes into the store and finds the perfect surfboard and wetsuit to match. The only problem is, is that Sean doesn’t accept credit card payments; it’s a cash only policy and Molly only has enough cash on her for the wetsuit, not the board. She decides to go visit the neighboring store and see if they have more payment options.
Scenario 2: Molly stops by Bobby’s Board Basement next door since she saw the major credit card logos sticker displayed on the store window. After 5 minutes of browsing, Molly ecstatically grabs the same board and wetsuit she found at Sean’s Surfboard Shack and brings it over to the register. She swipes her card to complete the sale. She wonders why the other business didn’t consider accepting credit cards.
This brings us to the case in point: accepting credit cards increases your competitive edge and allows customers to make larger purchases! You don’t want to miss out on a sale like Sean did in the example above, just because you don’t accept credit cards. If you own and business and are hesitant on accepting credit cards, ask yourself “why?” Is it the cost? If so, you’re already costing your business money—in this case, it’s called the opportunity cost or the sales you could have made had you decided to accept credit cards at your business.
You’ll be surprised on how much more sales you’ll be having when you expand your options by offering your customers a variety of ways to pay. You’ll also be surprised at the high return on investment (ROI) since the cost of accepting cards is relatively low. If you want to learn more about merchant accounts and accepting credit cards, call our office today at 1-800-571-2606 – we can provide free information to help you get started.