Consumers are always on the hunt for the latest and greatest in efficiency and convenience. Given the upward trend of the on-the-go mentality, many customers seek a painless, speedy shopping and transaction experience.
Believe it or not, most consumers prefer to pay with debit and credit cards for security and convenience. Cash is rare unless you work in a field where having it is the norm. If your business only accepts cash, you may miss out on a number of customers who don’t have cash on hand.
In this article, you’ll discover how not accepting credit cards can hurt your bottom line.
Makes Your Business Less Convenient
Imagine the following situation: you have a huge end-of-summer sale where merchandise prices are at an all-time low. Many potential customers hear about this event through word of mouth and run to your doors, hoping to score fantastic finds.
Shoppers gather their finds and make their way to your POS system, ready to check out and enjoy their potential purchases. Unfortunately, your POS system can only handle cash transactions. Not only does this inconvenience customers, but it eliminates the chance of selling merchandise to an audience interested in your product.
In the same situation, your customer now has to debate their next steps. In most cases, shoppers who don’t carry cash often abandon their carts and leave to seek more convenient alternatives.
By not accepting more accessible forms of payment, you could be driving consumers into the arms of your competitors.
Limits Potential Profitability
Witnessing a cart abandonment makes things awkward for the customer and the business owner. Customers could lose out on purchasing an item they looked forward to and desired. Regarding the business owner, the odds you lose revenue by refusing credit cards increase.
With many customers refusing to pay cash for significant purchases, considering credit card transactions may be the best move for a business.
Credit cards have such a significant role in payment that imagine what paying for goods was like in the past. Not accepting credit cards can hurt your business’s bottom line and drive your customers away, ultimately limiting your profitability.
Winter storms are sweeping across the US, bringing snow emergencies in the Northeast and flooding in the Pacific Northwest. Stay safe with driving tips, shelter resources, and pet care guidance, plus direct links to emergency services.
Use official sources for live alerts and road conditions. Follow your local authorities' advice and guidance immediately by staying off roads or evacuating.
Current situation across the United States
Severe winter weather is affecting multiple regions across the country. In the Northeast, heavy snow and ice are creating hazardous travel conditions, while the Pacific Northwest is dealing with widespread flooding, evacuations, saturated ground, and powerful winds. Staying prepared, remaining aware of conditions, and knowing where to find shelter are essential for keeping both people and pets safe.
Winter loves to sneak up on us. One day you are enjoying a pumpkin spice latte in a light jacket, and the next you are chiseling ice off your windshield with a credit card because you lost your scraper. Snow looks beautiful in the movies, but it wreaks havoc on your daily commute.
You trip over a sneaker. You drop your keys in a puddle of melting snow. Your dog shakes mud onto your work pants. Welcome to the drop zone—that chaotic slice of floor right inside your front door.
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