How Accepting Credit Cards Can Increase Your Revenues
Imagine the accounts receivable process without missing or late revenues, bounced checks, or manpower wasted in chasing down delinquent customers.
As the world goes plastic, then why should your business be left dealing with paper, which is not only becoming less and less prevalent but also has always been less convenient and verifiable. Now you can use various card payment options for efficient and convenient payment processes.
American cardholders now have an average of around four bank credit cards. For the past five years, purchases made by credit cards have been expanding by about 15 percent per year. This is fully three times faster than the increase in overall purchases made in the United States.
Even faster volume is being seen from debit card purchases, which are increasing at more than 50 percent per year. Both debit and credit cards now account for at least 43 percent of all purchases.
One estimate has businesses forfeiting up to 80 percent of consumer impulse buys if their business does not accept credit cards, making setting up a merchant account for credit a must for any business.
Consumers see credit and debit cards as lifestyle enhancers and do not equate the money on them with cash. Companies are taking advantage of this by putting new credit products in development, like online debit cards and the electronic purse.
All this, plus the youth movement towards plastic, means that future buying generations will be even more addicted to plastic as the current consumer base with expendable income.
The modern credit card machine is not only stationary but mobile and portable as well. Any business which is looking to the future would do well to learn the entirety of its options.