In today’s dynamic business world, companies across the board seek ways to increase their revenue to remain competitive.
Payeex is here to introduce and encourage companies to begin accepting payments from customers through credit cards. When a business accepts credit cards, it unlocks advantages that are directly related to revenue expansion. Credit cards have revolutionized the way that customers make purchases, and it’s time for businesses to get on board with digital transactions and invest in quality payment processing solutions. The role of payment methods should not be underestimated when it comes to company revenue.
With the amount of credit card holders in the world and its continual growth, it’s in a business’s best interest to invest in payment machines that will allow them to take advantage of this market. Let us show you some recent statistics. In 2023, it was noted that 1.25 billion credit cards were in circulation. One study found that in households making more than $100,000 per year, an overwhelming majority of 98% had a credit card. In addition, out of North American adults, about 85% of them have a credit card. These statistics work together to encourage and incentivize businesses to hop on board with purchasing a credit card processing machine.
The Reasons for Businesses to Invest in Credit Card Payments
It has been stated that small businesses nationwide are at risk of losing billions of dollars by not accepting credit cards as payment. Whereas, businesses that do accept credit cards as payment have reported an increase in their revenue by 20%. Now you are probably thinking, how is this possible?
Below are listed the ways in which investing in credit card payment processing can have positive impacts.
Provide Clients Convenience & Satisfaction
One way that accepting credit cards can boost revenue for businesses is by providing customers with convenience and satisfaction. As we live in an era of fast-acting digital technology, customers today want a short and seamless transaction when checking out. Customers have eliminated the need for carrying around cash or the search for the nearest ATMs, as they already have a fast purchase experience available to them with the plastic card located in their wallet. This convenience leads to an increased level of customer satisfaction as customers enjoy fast transactions.
When a business caters to diverse payment methods, it can expand its market reach and drive its revenue growth.
Tapping into Temptation: Upselling & Impulse Buying
When customers know they have the convenience of their credit card, they are more willing to indulge and splurge into unnecessary purchasing. Businesses must capitalize on this type of behaviour as there is an opportunity here for businesses to create additional revenue. In fact, as of 2022, it’s been noted that on a monthly average, shoppers spend $314 on impulse buys. As a business, it’s important to consider placing impulse-buy items near the checkout or have the employee who is cashing out the customer offer additional products.
This type of upselling and impulse buying work together to enhance the customer experience and boost revenue for the business.
Increased Transaction Values
As a result of the ease that comes with paying with credit cards, customers are now spending over the average transaction amount. When customers know they have a line of credit available to them, it gives them the confidence to place higher-priced items into their shopping carts than what they would normally purchase. In addition, with credit cards come reward programs and cash-back opportunities, which means that customers have an incentive to make large purchases.
Therefore, customers have some type of detachment when it comes to money and their credit cards as they become less aware of the amount they are purchasing.
Online Payments Produce Global Reach
As a result of the COVID-19 pandemic, today many shoppers would prefer to purchase their goods online. Whether it be from a grocery store or a retail store, eCommerce has created new revenue streams for businesses. These types of online transactions allow for a potential customer base that is beyond local markets. This means that there is a potential for global reach. Reaching into new markets will guarantee businesses new forms of revenue.
Making online payment options available will increase purchases made globally and increase the revenue collected.
Improved Customer Loyalty
By making credit cards a payment option, customers can leverage programs such as cashback and different reward programs that can increase their loyalty to certain stores. With credit card options available, customers can be incentivized to keep coming back and conducting repeat business as they can work towards their credit card goals while shopping. A customer who enjoys the perks of their credit card will be likely to return for more business.
If your company is ready to create a steady stream of revenue growth, consider investing in a credit card payment solution to increase customer loyalty.
Simplifying Administrative Tasks
The last reason to invest in a credit card payment system is the convenience it will be to your administrative team. When credit cards are used, transactions are automated and simplified. The transaction is processed electronically and it eliminates the need for cash handling. This reduces the risk of internal theft and it speeds up the checkout time for customers. We would call that a win-win. In addition, all the record-keeping that is associated with credit card transactions is generated automatically using software that can be streamlined to meet your bookkeeping processes. These records can also effectively store information on refunds, sales, and other insights that are transaction-related.
It’s Time to Maximize Revenue by Accepting Credit Cards
Whether you are in healthcare, automotive, or any other industry, having a credit card processing system in place will help the business to succeed and experience revenue growth. The choice to accept credit cards will offer your customers increased incentives to shop with you.
Payeex would be happy to help you unlock new areas of growth with credit card processing terminals and POS systems. Contact our team today at 1-833-666-1001 to get set up with the latest equipment.