Accept credit and debit card payments to improve cash flow
Explore how accepting credit and debit card payments may be beneficial for your business.
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Giving your customers more ways to pay is crucial to managing your business. When you accept credit and debit card payments, it can help you improve sales and increase your cash flow.
Here are three reasons why.
First, your customers prefer to pay by card.
How do we know? 77% of consumers say cards are their first payment choice and 1 in 4 Americans rarely carry cash.
By 2022, mobile payments are expected to reach $161 Billion. These are card payments made through a smartphone, laptop, tablet, or other internet-enabled device.
Second, card payments could increase sales. The average value of a card payment is $108, compared to $23 when the transaction's in cash.
And to get what they want, customers are willing to spend 83% more with a credit card than with cash.
Third, accepting cards helps you retain customers. If a merchant doesn't accept card payments, 73% of consumers will leave a store without making a purchase.
And, small businesses that don't accept credit cards lose 11.8 Million customers per year.
Companies with $2 Million in annual revenue could be losing $73,000 a year!
What does this mean for you? Accepting card payments from your customers through Wells Fargo could help you improve your cash flow, with fast access to your funds as soon as the next day.
Contact us today to learn more about how accepting card payments can help your business.