Credit cards, ever since its invention has become more anhas become d more popular today despite its inherent risks and disadvantages. In fact, according to statistics, there has been more than 50% increase in credit card applications in the country this year alone. With that figure alone, you can almost assume that more than 50% of earning individuals in the country have their own credit cards. And if you are a business owner, be it a small or medium-sized enterprise, it would surely be very advantageous for you to incorporate or accept credit cards in your payment schemes.
Why you ask? here are 3 reasons on why you should do so.
As mentioned above, more and more people are getting credit cards in the past several years or so. This means that if your business doesn’t accept credit card payments, then you are losing out on a growing population of potential customers that would have been buying or at the very least, visit your business. And we all know that the increase in customer traffic is directly proportional to the increase in profits. Meaning, the more people going into your business, the more profits you will earn in the long-run. And if you don’t have credit card payment schemes, then you will not have a share on this emerging market of customers.
Moreover, if you will look at the numbers, credit card owners will only increase over the years. Thus, not having a credit card payment scheme on your business might lead you to losses or worse – bankruptcy.
Two of the biggest advantages of having a credit card are its simplicity and the convenience it provides to its bearers or owners. Unlike checkbooks where you would need to constantly write specific details with minimal to zero errors, credit cards can get the job done with just an easy swipe. Furthermore, credit cards give its owners the ultimate privilege to not bring cash on their wallets and still shop or pay for services – the privilege that made credit cards very popular. Just imagine being able to pay for everything conveniently without cash. You wouldn’t need to store a large number of bills or bother counting spare changes when paying. You wouldn’t need to deal with allergies from papers and other harmful substances from paper bills and coins. And most of all, you will be able to protect yourself from theft, fake bills, and other similar scams.
According to business studies and researches, accepting credit cards on your businesses will immediately increase your sales. You see, the famous and hard to conquer “impulsive buying” habit is greatly attributed to credit cards. An impulsive buyer will most likely impulsively buy something they want immediately after seeing it. And by having a credit card on their wallets, what would hinder them? Thus, on a business perspective, impulsive buyers with their credit cards are your greatest friends. And providing them with all the assistance, albeit, temptations will surely get you that sale.
For more information about credit cards and its benefits, visit mypaymentsavvy.com.