One of the main aspects of succeeding in business is having solid credit card payment solutions. Are you happy with your current credit card payment service provider? If not, then you are probably looking for a new provider that can offer you the best credit card payment processing system.
Were you aware that 94% of total retail sales are generated by brick-and-mortar stores? If you have a traditional store, do you have small business credit card services? Since seven-in-ten Americans have at least one credit card, chances are that when they shop at your store, they will want to use it, rather than cash, to make their purchases.
In 2014, Total System Services (TSYS) conducted an online survey of 1,000 consumers. These consumers had a credit card as well as a debit card. When polled, TSYS received the following information regarding the participants’ preferred payment choices:
- Debit cards: 43%
- Credit cards: 35%
- Cash: 9%
What type of point-of-sale (POS) software do you currently have? When was the last time you updated your software? When polled, 88% of the companies that participated in the survey indicated that they had their software for less than five years.
While you might believe that POS software is too expensive, 48% of the companies polled stated that they spend less than $1,500 a year on their software. When considering the potential revenue from having an effective POS software system, this amount seems miniscule.
When you consider that small business spending on technology recently reached $130.1 billion, it demonstrates that specific businesses within the payment processing industry are doing something right.
On a monthly basis, 72 million visitors conduct comparison shopping online. When you also consider the potential effect of online reviews with purchasing decisions, you want to make sure that you have a user-friendly online payment system. A recent survey showed that 55% of online comparison shoppers are influenced by the reviews that they read.
Every month, over 500,000 new businesses open their brick-and-mortar or cyber doors. Since you want your business to succeed, having credit card payment solutions that work can make a major difference in your level of cash flow and overall revenue.