Though Generation X won’t recall, it wasn’t all that long ago that you had to carry cash everywhere you went; it was the only way to buy anything.
Although checks had technically been around for over a hundred years, their novelty became popular in the mid-1900s; you didn’t have to carry the currency, and you never had to worry that you didn’t have enough on you.
Not every business would accept a check, though, and you really couldn’t use them if you traveled out of your local area. Too many companies ended up with bad checks that they couldn’t collect payment on, so they just started refusing to take checks from anyone.
So businesses were forced to either go back to being a “cash only” company, or start taking credit cards.
It’s Not About the Dollar Dollar Bills, Y’all.
The ability to use a piece of plastic to pay for your purchases is an allure that is just too strong for most people to resist. Not only are credit cards used by almost everyone over the age of 18, they are often used exclusively. They’re used online and offline, for small purchases and big investments.
It’s about convenience – and credit cards provide that convenience. So the vast majority of businesses accept credit card payments, because they know that they will get more customers if they are flexible with payment options.
For a while, you had to have a minimum dollar amount to use a credit card, almost anywhere you went. Now, however, businesses are missing out on enough small purchases that even a .59 fountain drink can be purchased with a swipe at the gas station down the street.
Even Vending Machines Take Credit Cards Now
Forget about needing some pocket change so you can get a vending machine snack. Even a lot of vending machines are now taking credit cards. You can get a drink, a candy bar, a bag of chips, or anything of the other ridiculous, random things a vending machine may hold with a swipe of your credit card.
Movie tickets. Train passes. Redbox. Phone calls. Gas. Food trucks. Now a 50 cent Sunday paper can be purchased with your credit card.
And, if you live in the right place, even a single use toilet trip can be swiped.
This would appear to be the last step on the journey to eradicating the need for cash. The ease essentially eliminates the need for pocket change completely. The days of digging around for a quarter or dime to complete your purchase are over.
It is perfectly feasible to actually say “so long” to pocket change by switching to plastic.
You Are Losing Business if You Don’t Accept Credit Cards
But it’s not just about the convenience. There are many other perks, depending on the specific card. Miles, points, cash back, and more can all be gained from using credit cards.
If your business doesn’t take credit cards, you are without question losing out on the number of customers you will get, and the amount of money they will spend. They can find another company that offers the same things you do, and they can use their credit card to buy what they want.
If you aren’t taking cards, yet, it’s time. Get a payment processor, start taking credit cards, and increase your revenue – today.
