Merchants that don’t accept any payment method besides cash (and check) are likely missing out on a significant amount of sales – and revenues – each month. And, those lost revenues could exceed tens of thousands of dollars for some. The cost of upgrading to accept credit and debit cards – and even mobile payments – may seem daunting, but the overall return far outweighs the initial investment.
The number of people who carry cash when they're shopping has reduced significantly in recent years. Huffington Post reports that a whopping 66 percent of all sales that are made in person are paid for with a credit card. Most people rely on their credit cards, and even people who carry cash on a regular basis would have the opportunity to make a larger purchase when a merchant accepts credit card payments. Merchant must realize that a large percentage of potential customers will be alienated if they choose not to accept non-cash/check payments.
Another benefit of accepting credit cards is reducing the need to worry about bad checks. The Houston Chronicle notes that many merchants who only accept cash will take checks as a substitute for cash, but allowing customers to pay with a check without having any type of equipment to verify the check can be detrimental for a business if the check bounces.
With two-thirds of all in-person sales in the U.S. being paid for with credit cards, even the smallest businesses need to start accepting credit and debit to increase revenue and deliver the experience that is expected by consumers today.