Why Credit Card Payments Are Taking Over
Paper payments are disappearing, and while many sub-contractors have adapted accordingly, others are still skeptical of life in a cashless world.
Brian Tinker, a payment processing advisor with Infintech, explains why credit card payments are taking over.
#1 People Don’t Carry Cash
Brian works with window replacement and installation companies throughout the Midwest and has found that the primary reason they accept credit cards is simple: they want to stay competitive. His merchants realize that if they don’t accept cards, their customers may shop around for a company that does.
“The same goes for heating and air companies. When someone’s air conditioner goes out, they can’t predict that and they want it fixed right away, especially in the summer,” Brian explains. “Most people don’t carry cash. So they must put it on their credit card.”
#2 Paying by Card Usually Means Rewards Points
Most credit cards have some sort of rewards benefit, whether it’s airline miles, hotel loyalty points or cash back, enticing people to use them.
Also, consistently paying credit card bills on time improves credit scores, which allows customers – or companies that use corporate cards – to qualify for low-interest rates on big-ticket items.
#3 For Sub-Contractors, Credit Card Acceptance Provides Flexibility
Many of Brian’s sub-contractor merchants have employees who spend more time on a job site than at the office and need a combination of payment acceptance options. “These companies take advantage of the functionality that accepting electronic payments offers, like mobile functionality,” Brian says. “Their technician out in the field is able to process a payment right then and there.”
Contact Infintech online or call 1-800-621-8931.
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