Consumers are using less and less cash to pay when shopping. This is being replaced with credit card purchases, as well as a few other choices such as mobile payments. Today, not accepting card payments is a significant limit on sales. However, this may leave you wondering why so many consumers prefer to pay with credit cards.
1.- Convenience: It is simply easier to carry around a small plastic card that allows purchases than to use cash. Physical money has an immediate, hard limit – you can’t use more than you have on you. Additionally, if you have more than a few bills on you, they can take up quite a bit of space in your wallet.
2.- Safety: If your wallet gets stolen or someone copies down your credit card information, you can usually contest any fraudulent charges. Conversely, if someone steals your wallet full of cash, you are more or less out of luck.
3.- Rewards: Many credit card companies offer rewards for using their cards. These include frequent-flyer miles, points and cash back. There is a clear incentive to pay with a credit card that gives you something of value back. Several cards are offering cash back as high as six-percent on select purchases.
4.- Building Credit: Using credit cards and establishing a credit history can make large purchases such as houses and vehicles easier.
5.- Grace Period: When paying with a credit card, you’ll typically have at least a few weeks before having to pay your bill. This can greatly ease cash flow for many consumers.
Accepting Credit Card Payments
Clearly, credit cards have a lot to offer consumers. Retailers are setting themselves up for success by using point of sale systems that accept cards. If you are interested in getting your business started accepting credit cards, consider the Revel POS by Merchant Account Solutions. It is a great choice for food service and retail outlets.