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4 Reasons Your Business Should Not Be Cash Only

There are many factors that play a part in every consumer’s purchase. The thought process involves quality of the product or service, value for money, and urgency – just to name a few. As a business, you must take into account as many of these concerns as you possibly can. Taking one hurdle out of your customer’s purchasing decision process could mean the difference between a successful sale and a missed opportunity. So why risk it? In this article, we’ve listed down four main reasons why your business should start accepting more than just cash payments. 1. Your customers have preferences. Listen to them. Numerous studies have shown that shoppers prefer using credit cards over cash. A consumer survey by FICO revealed that 83% of consumers aged 25-34 years old use credit cards on a regular basis. And 77% of them are likely to continue using credit cards in the next five years. This means that more than 3 out of 4 of the age group with the highest purchasing power are likely to try and use their card at your store. Most credit cards offer cash back or flight miles, so it’s not surprising that people want to take advantage of these rewards. With the credit card processing software available these days, it’s actually easy to provide consumers with the option to use their credit or debit cards. You’ll have a card reader in the palm of your hand for a quick swipe after a purchase. Your customers will be in and out in no time, and with no hassle at all. Some credit card processing software even have inventory tracking built in — which means your customers will never come in wanting something, only to for you to find that it’s out of stock. 2. You can help ease the burden of ballooning ATM fees. Though it’s not much effort to make a trip to a nearby ATM to withdraw cash before buying something, the recent rise in ATM fees may just cancel out that ease. According a recent BankRate survey, out-of-network ATM withdrawals recently hit a record…

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