There are a lot of businesses that in the year 2019 still choose to be cash only. While it’s sure to frustrate a few – ok, maybe more than a few – customers, there’s still some validity behind this decision. Afterall, for many companies, this is just the way it’s always been. This is especially true for pizza shops, bakeries, barber shops and other small businesses. The idea of adding costs for credit card processing fees and changing up the payment model can be scary. However, One Connect Processing is here to say that it’s time to say out with the old and with the new.
The first, and most obvious, reason the cash only system needs to go is that it limits the number of customers you can serve. Younger generations especially will not carry cash on their person. Once you force a person to use an ATM to pay for your service, you’ve greatly reduced the likelihood of them coming back. One Connect Processing knows that there are other competitors in your area who accept credit cards and other means of payment. There’s no longer a need to give a leg up on your competition.
One Connect Processing than points to the fact that having a cash only model immediately gives off the impression that a business is stuck in the past. A lot of older customers may find it charming, but before a business knows it, they will start to see reviews on Yelp! complaining about the fact that a business makes it difficult for them to pay.
One Connect Processing usually presents statistics that shock their customers. One of the most staggering stats is that studies show the average person is willing to spend 120% more via their card compared to what they are comfortable paying via cash. Cash provides a feeling of loss that can lead to a stinginess that just doesn’t exist with credit card purchases.
Cash only payments doesn’t protect customers the way credit card payments can. Most credit card companies will have fraud protection built into their service. People feel safer making credit card transactions because they don’t have to worry about being taken for a ride and then not being able to dispute the charge.
Finally, One Connect Processing works hard to make sure that their point-of-sale solutions offer competitive rates on credit card processing rates, so every business can rest assured that they are truly helping the bottom line of their business.