As the economy continues to improve, consumers have been encouraged to spend more. And while cash and checks may always be a preferred stand-by, consumers have increasingly utilized credit cards to make payments; meaning entrepreneurs will need to invest in small business credit card processing solutions to ensure they take advantage of all payment channels.
Majority believe credit cards are vital
The trend toward plastic isn’t just a byproduct of the overall shift toward electronic payment means, but a movement more indicative of the role credit cards play in supporting the economy.
According to research done by Ipsos Public Affairs on behalf of the American Bankers Association, 72 percent of adult consumers said credit cards are important to the U.S. economy. An even larger number of consumers (77 percent) thought credit cards are important to small business. Seventy-eight percent said the use of cards helps local economies by providing customers and smaller firms with more diverse payment methods.
When asked why they use credit cards, 74 percent of consumer respondents said they value the ability for small business credit card processing to streamline checkout line purchases. Seventy percent pointed to their ease of use for e-commerce buys. Consumers who might have left their wallets at home also benefit from credit cards, as 80 percent said the cards help with making necessary purchases when they don’t have cash.
All this translates into heightened use of credit cards among U.S. consumers. Survey findings indicate three-quarters of Americans have at least one credit card and 57 percent use a credit card at least once a week. Fifty percent said they used plastic for making everyday purchases, while 25 percent use credit cards for purchases of $100 or more.
Considering the frequent use of credit cards among U.S. consumers and their importance to small business cash flow, interested entrepreneurs can contact National Funding about merchant account services.
