Up until about 20 years ago, retail establishments had the option to accept cash only or to allow credit card payments as well. People were accustomed to carrying cash with them on a regular basis and rarely ever used a credit card unless it was a large purchase. Debit cards were only available to be used as debit cards. This made it necessary to allow those without credit cards to have other available payment options. These times are long gone. Anyone who has a bank account has a debit card which doubles as a credit card. People rarely carry cash on them unless it is absolutely necessary. This has made the world of retail change how they accept payment to keep customers coming back.
Convenience Matters for Retail Customers
Today’s society is much different than twenty years ago. People are in a rush to get things done and move to their next event. Many people do not carry a lot of cash on them because they are more security conscious and they do not need to do so in most instances. Cash is not traceable and can be easily stolen. But a credit card, that is secure and comes with options. It is light and easy to carry. If it is stolen or mischarged, charges can be canceled, and a new card issued. But most importantly, they are convenient. People do not have to make an extra stop to grab cash when shopping or going out.
This means the retailers must acknowledge that people want convenience whenever possible. Many people are already choosing to shop online instead of in a store. If the brick and mortar store does not accept credit cards, even if their prices are a bit lower, they will lose the few customers that still enjoy browsing and shopping in real life. While the price may be a small factor, the convenience of being able to shop with a credit or debit card is now the most important factor of whether a person will shop at your store.
The Retail Merchant Services Option
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The do-it-yourself option is using a terminal like
The corporate option is to use your bank as your merchant service provider. In the retail world, this is rarely a good option. See, banks are tied to one product: their own. This means that even if the product is expensive or does not quite fit your needs, this is the only product you can obtain.
Finally, there is the flexible option. This option is when you chose to work with an independent merchant services provider. An independent merchant services provider will have the ability to choose from any number of merchant service providers to get you the best rate and the best service to fit your needs. If you are ready to bring your retail business to 2019, contact Tanker Consulting Services for a free analysis of your merchant services options today.