Achieving a high credit score is essential for several reasons. If you faithfully make your credit card payments on time, you’ll steadily build a positive credit history that results in a high credit score. Even if you’re exceptionally responsible, if you pay for things in cash, you won’t establish a credit history lenders and others can use as proof of your responsibility. Paying with a credit card also helps a person build their credit history. Digital spending records can also be helpful when it comes time to file your taxes, especially if you lose track of receipts. With cash, you would have to keep track of your spending manually by making entries in a notebook or in your phone, or keep paper receipts for every transaction to compile a payment history.Ĭredit or debit card users can check their payment history online anytime and can use these records to help them budget and keep track of their finances. Every time a person swipes, inserts or taps their card, whether it’s to buy a sandwich or a sofa, it creates an electronic log of those charges. Credit Cards Let You Track Your SpendingĪnother advantage of paying with credit cards is that it allows a person to keep better track of their spending. While you may be able to cram a couple of bills into your phone sleeve, it’s much easier to stick to cards in this instance. Some people prefer to forego a wallet or purse altogether and carry their phone with an attached sleeve for holding a few ID and credit cards. Even folded bills take up more space than a credit card. Coins jingle around in pockets or get lost in the bottom of a purse and weigh it down. If you don’t have exact change, you’ll get change back, which can be a nuisance to some people. You also don’t have to take the time to count out bills or change, which tends to speed up the checkout process. Rather than having to keep track of how much money you have on you, with a credit card or debit card, you always know you have access to your funds. Credit Cards Are More ConvenientĬredit cards are also more convenient for most people. If someone spends your cash, there’s nothing you can do, unless you somehow manage to track the person down. If someone has already made purchases using your cards, you can report these charges as fraudulent, and not have to pay them. In either of these scenarios, if you only had credit and debit cards in your purse or wallet, you could call your bank to freeze or cancel them. Whether you fall victim to a pickpocket or accidentally leave your purse or wallet in a public place, you could lose your cash in the blink of an eye. To pay with cash, you have to carry money around with you, which can make some people feel vulnerable. One reason your customers may prefer using credit cards is that they offer more security than cash. Here are a few reasons many consumers prefer to use credit cards over cash. Most people find debit and credit cards to be more convenient and preferable to cash. In a 2017 survey, just 12% of consumers said they preferred to pay in cash. If you aren’t sensitive to the preferences of your customers, you could lose business. In brief, small businesses should accept credit cards because consumers want and expect them to. Let’s talk about why every small business can benefit from accepting credit cards. After all, credit card processing involves adding equipment and allowing a little bit of every credit card sale to go toward fees. If your small business doesn’t currently accept credit cards, you may wonder whether adding credit card processing is worth the investment. Why Should a Small Business Accept Credit Cards? We’re going to explain why you should accept credit cards, what equipment you need to do it, how it works and what options we offer. Though credit card processing can be a bit complicated, it doesn’t have to be a source of stress. National Retail Solutions has all the tools and services you need to make this possible. If you’re used to disappointed looks on customers’ faces when they see a cash only sign, it’s time to add credit card processing as a payment option at your small business. Credit Card Processing for Small Businesses
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