Do you accept credit card payments? Well you should. It is a proven fact that the average credit card transaction is higher than the average cash transaction. With credit cards, the typical consumer can purchase what they want, when they want it. They no longer have to worry about having enough cash in their pocket, which makes impulse buying much more possible.
In addition, there is a psychological effect on people when they pay with cash. For some reason, the act of handing over cash makes them feel the pain of a purchase. As wrong as it may seem, there are still many people that don’t feel as much pain when using credit cards. Plus, many consumers will buy more than they can afford because they feel they have more time to pay off the debt. At some point we’ve probably all had the conversation in our head that we can’t afford the $1,200 purchase, but we can make it work if we pay it off $100 a month for the next year.
