Cash use is declining sharply among American consumers even as the use of credit cards rises. More shoppers: About 26% of US transactions were via cash and 23% by credit card in 2019, but in 2020, that changed to 12% and 38%, respectively.In a nutshell, you should offer the option of credit card payments for the following reasons: A small business that doesn’t provide credit card options essentially rejects customers who want to pay using a credit card. Meanwhile, the significant loss of sales and revenue from not offering credit cards as an option is a bigger problem. However, small business owners worry about paying credit card processing and merchant fees, thus cutting their profit margins. Therefore, it would make sense for a small business to offer credit cards as a payment option. More to the point, 38% of point-of-sale (POS) transactions in the U.S. If you have a cash-only establishment, that means 64% of your customers won’t make a purchase, which isn’t the desired result. However, a survey shows that only 36% of small business customers carry about $80 in cash, which means 64% don’t. One factor that many business owners might not think too much about at the start is payment options, perhaps assuming that cash is good. The success of small businesses hinges on many factors. Why Is Credit Card Processing Important To Your Business? Source: Mobile credit card processing companies might be the best option for small businesses.Critical factors for choosing a credit card processor include transparency in pricing, versatility in accepting payments, and security.Credit card processing fees for small business owners depend on the processor and needs of the business.About two-thirds (64%) of small business customers don’t have the cash to pay for purchases.More than a third (38%) of all retail purchases are made via credit cards.However, credit card processing often comes at a cost. Having a credit card makes sense because it’s a convenient way to pay, eliminating the need for cash in hand while making a purchase. Approximately 83 percent of Americans between the ages of 30 and 49 had a credit card, and millennials owned three credit cards in 2020. Credit cards are ubiquitous in the United States.
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