05 Sep Why Credit Cards Aren’t Going Away
You know the old phrase “cash is king?” We may need to change that saying to “cards are king” in the near future. According to a TransUnion report, Americans have 416.5 million credit cards – and almost 175 million Americans have access to at least one credit card. This is an all-time high for the United States, and these totals are 22.5% and 17.1% higher, respectively, than they were in 2012.
As a business owner, you simply can’t ignore credit cards. Here’s why.
Cash Usage Declining
It’s clear to see that credit and debit cards affect American consumers and businesses in a profound way. An article published by pymnts.com states that even though card use is growing, cash won’t completely disappear as a payment method. So, while you should probably continue to accept cash, you’re losing out on potential revenue if you don’t accept cards.
Cards and Emerging Technology
Though new technologies continue to emerge, most experts are confident cards are here to stay. Tom Miller Jr., the Jack R. Lee chair of financial institutions and consumer finance at Mississippi State University, recently told the Wall Street Journal, “Mobile wallets and other forms of payments compete with plastic credit cards, but adoption rates in the U.S. have been relatively slow, with 45% of respondents in a recent survey saying it’s just easier to pay with a card.”
Mobile payments are also on the rise. You probably know of – or maybe you even use – at least one app that allows you to pay for anything and everything using only your phone. However, customers that use popular apps like Apple Pay, Android Pay and Venmo still have to link the app to an actual debit or credit card account.
Some skeptics believe digital payments will replace credit cards entirely, but most experts agree that Americans won’t ditch their plastic anytime soon. Tom Miller Jr. said, “No matter what form the credit card of the future takes, demand for credit-card accounts will endure far longer than five years.” Miller also believes that credit cards “are an example of low tech, good tech,” and consumers “aren’t clamoring for a way to stop using credit cards.”
What Does This Really Mean for Your Business?
With fewer and fewer customers carrying cash, honoring your customers’ buying preference will help you grow your business. When you enable customers to pay via their preferred method, you strengthen their relationship with your brand. It’s also important to note that accepting credit cards strengthens your reputation. Customers trust brands like MasterCard and American Express to handle their money – so, when they see these logos on your website or at your POS, that trust transfers to you.
Integrating credit cards into your business may seem daunting. You might anticipate expensive software, and the headache of choosing a processor. But it’s important to remember the benefits you’ll enjoy.
Credit card processing will absolutely affect the day-to-day operations of your business. You should choose a processor that can offer you great rates – AND things like in-house customer support and help with PCI compliance.
For tips on finding the best solution for your business, check out our article, 5 Things to Look for When Choosing a Credit Card Processor for Your Business.
BASYS Processing as a business partner
Does your current processor understand the unique struggles of your industry? Do they provide great rates and personal customer service? Are they offering solutions to grow your business and being proactive about helping you reduce risk and increase your savings?
Contact BASYS today to learn more about innovative payment solutions that will save you time and money. We make accepting debit cards and credit cards convenient, safe and affordable.
BASYS Processing features:
• A friendly, live voice will answer the phone when you call; no automated phone systems
• In-house PCI Compliance team to walk you through the process step-by-step, improving security and reducing costs
• Accept payments in person, over the phone or online
• Next-day funding options
About BASYS Processing
BASYS Processing provides credit card and debit card processing services, plus solutions that include terminals, virtual terminals, e-commerce, mobile, and point-of-sale, customized to fit any need. Banks, associations, and software partners depend on us to strengthen their reputations and relationships with their customers by providing remarkable service paired with ultimate flexibility and pricing. Merchants depend on us to make accepting credit cards and debit cards convenient, safe & affordable. BASYS was founded in 2002 on one philosophy: to take care of our merchants, partners, and employees so they never want to leave. We are dedicated to working one-on-one with our customers to design the perfect solution. BASYS is Personal Payment Processing.
Learn more at basyspro.com, and connect with us online at: