I’m sure you’ve heard the old anecdote about one in three businesses fail. No one wants to be the one that fails. Your business is your blood, sweat, and tears, your livelihood and the result of hours of work.
Expanding your business is how you can grow, make more money and ultimately not fail. To grow, you need the right tools. Cash only businesses restrict themselves, ultimately limiting profitability. Accepting credit cards, while costly, increases your customer base and sales potential, ultimately making you more profitable.
According to Targeted Merchant Solutions, 80% of families have a credit card and one in three customer purchases in the world were made with credit, debit or pre-paid cards. In fact, the average consumer has three credit cards and there is more than one billion dollars in circulation right now via credit card.
Annually, 3.7 trillion dollars are spent at world merchant locations. And with the increase of internet sales and business done via the web, 90% of all online purchases were made with a credit card. Six point three million businesses accept VISA and who wants to be the one that turns away customers because they don’t have cash on them? Read more in the infographic below.