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by TONY BYRNE Managing director, Wealth & Tax Management
I ONCE attended a business course during which the trainer told the audience “You cannot make it too easy for your customer to pay.” His faultless logic was that if you were to offer every possible payment mechanism to your customers you would increase your sales.
For starters, accept all forms of card payment. This means not limiting yourself to just accepting debit cards, Mastercard and VISA but also American Express. American Express may charge a slightly higher merchant charge, their fees have reduced a lot in recent years, but the average US customer spends three times as much as non-American Express card holders.* So it is a false economy to refuse to accept American Express. The loss of sales far outweighs a slightly higher merchant charge. The irony is that Paypal charges merchants a far higher fee than American Express does yet many businesses will more readily accept Paypal than American Express.
Refusing to accept payment by cash is also a big mistake. Many people still like paying in cash, even though the number is decreasing, so why not allow it? Ok, it saves a weekly trip to the bank to pay in the cash but surely it’s worth it for the extra sales, isn’t it? Many tradesmen still work in the cash economy so you could be losing out on some large sales by not accepting cash.
If you are interested in finding other ways to increase sales, why not take advantage of a one-hour Discovery Meeting either at our offices or by a video conference call at our expense worth £270 to each of the first three readers who contact us before 31 May 2023? You know it makes sense. We offer a great cup of coffee too!
Ring us on 01908 523740 or for free on 0800 980 4516 or email wealth@wealthandtax.co.uk and quote May2023 offer to book your free discovery meeting.
*According to Nilson Report #1,213, February 2022. Spend per card derived from U.S. year-end purchase volume divided by year-end cards in force (CIF), not from individual consumer-level data. CIF represents the number of cards issued and outstanding with cardholders. Average Non-American Express spend per card includes Visa, MasterCard and Discover credit and charge card volume and CIF and excludes debit and prepaid volume and CIF.
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