Growing a business by expanding payment options
Accepting debit credit cards will help your business grow. The credit card industry has exploded over the past 5-10 years. The most frequently accepted credit cards include Visa, MasterCard and American Express. Lesser used cards including Discover and Diner's Club also play a role, although far less significant. In the aggregate, these cards account for billions of dollars in revenue each and every year. In addition to the "big three" and the other cards, most businesses and smart business owners choose to take debit credit cards as well. The reasons are many and will be discussed below.
Debit credit cards are readily available. Consumers of all ages have bank accounts, right? Of course they do. When the bank account is opened, it's common for the bank to offer a free debit card. Virtually every bank and credit union offers this type of card for it's customers. It's good business for the bank, great public relations and, of course, and everyone likes the convenience of having this in their wallet or pocketbook. Simply open your account at whichever bank you choose, and within a week or so, the card will be in the mail. Call the number listed on the card and your card is immediately activated.
Debit credit cards are very convenient to use. Again, the goal of every business is to increase sales. What better way to do so than by helping make it easier for your customer to spend money at your business. Have a sign at the register advertising the cards you take and watch your business increase. You will likely find over sixty percent of your customers pay some way other than cash. Included in that figure will be twenty to thirty percent of customers who prefer to pay by debit or Interac. If your business typically has average sales of less than twenty dollars, you will likely find that figure may be significantly higher. It is imperative that you, as a business owner, capture this potential business. Why run the risk of having these consumers go elsewhere, especially in light of the current economy where every customer and every dollar counts.
Debit credit cards are preferred by many small to mid size businesses as a result of the lower fees associated with this type of card. People getting into business do not realize that there are different fees for different types of credit cards. They also don't realize that there is only one fee for taking debit or Interac cards. This fee is charged on a per transaction basis. That means the merchant will pay the same fee, typically between 8-12 cents, whether the customer is buying a pack of gum for one dollar or a new family pet for five hundred dollars. Obviously, this represents a significant savings for the merchant which is why accepting debit credit cards
makes so much economic sense.
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