Season of Reasons — To Offer Credit, and to Use It
We’ve now officially entered autumn — L.A. weather notwithstanding — and soon enough, it will be time to start makin’ your lists, and checkin’ them twice (this might even refer to your seating plan for Thanksgiving, however!)
In credit and payment news, many different “lists” are popping up as we head into a season that brings not only a “paradigm change” in American credit card use (when microchipped EMVs become mandated in October) but an increase in shopping, travel, and all the other things your customers use their credit and debit cards for.
Advantages of Accepting Credit Cards for Businesses
The first list comes from the News-Journal in Longview, Texas, in an article listing “5 Major Advantages for Businesses that take Credit Cards.”
Before listing those advantages, though, the article somewhat shockingly cites a survey of a thousand small businesses in the U.S., and “55 percent don’t take cards, even though customers say they seek out businesses that accept them.”
We’re glad you’re not in that 55 percent, however, because, among the reasons the article points out:
- Credit cards are essential for online sales
- Credit cards reduce transaction risks
- Merchant services accelerate cash flow
In terms of those online sales, the article notes that in “2016, the total should reach almost $400 billion,” and over 100 million shoppers make online purchases — and a web presence makes it easier for small businesses to reach them. Transaction risks are reduced when compared to check fraud, and should be even further reduced with the introduction of EMV cards. And cash flow is sped up because “proceeds (are) generally available in a bank account within two days or less.”
More reasons and explanations are at the link above, and hopefully any businesses not already offering credit or debit card use — online or off — will rectify that before holiday shopping begins in earnest, to keep their customers happier.
Preparing Your Credit Card for Holiday Shopping
Meanwhile, US News has been running its own series of lists and one of those is aimed at consumers, with 7 Ways to Get Your Credit Card Ready for Holiday Shopping. Among those ways are paying down your balance now, to clear out room for the holidays, as well as reviewing extended warranty and return provisions provided by the card issuer.
All of it points to customers wanting to make increased use of those cards — so once again, by virtue of being among the “45 percent” of small businesses already taking them, you’re ahead of the game.
Or do we mean “top of the list?”
With further help staying on the top of those lists, and checking them twice, contact your AVPS Rep, to see about additional payment options, spiffing up your online presence (including free set up with Visa Checkout), and more. After ’tis the season.
But then, isn’t it always!?
