Significant spending increase in leisure activitiesSmall Business Advice 7 March 2011
If you have a business that’s connected with the way people spend their free time, then you will be pleased to hear that there has been a significant increase in the amount of money people are now prepared to spend on their leisure activities.
Despite a very serious recession, people have still found the money to spend on themselves like never before. According to the Payments Council (those responsible for analysing how we are paid and how we spend it) have revealed that their studies and statistics say that our overall spending has doubled since 1999 despite the recession and we spend two and a half times more money on having fun than we did ten years ago.
This means that if you run a business that revolves around people spending money on leisure activities, you could increase your profits even more considerably by accepting card payments or switching providers if you already do.
How can accepting card payments increase my profits?
The Payments Council also published their findings that debit card usage has risen fourfold in the last ten years, which is 4 times as fast as overall spending. This is a huge increase and anyone operating a business cannot afford to ignore it.
When you combine the fact that people are spending more money on leisure activities, and that they also prefer to pay for their goods and services with their debit card, you can begin to see that the logical conclusion for anyone in the business of selling people fun and leisure is to install card terminals in their place of business. You’ll soon see extra money starting to roll in.
If you accept card payments you are also allowing your customer the opportunity to spend more money, since the debit card gives them direct access to all the funds in their bank account. People will spend more money if they want your products and they know they don’t have any restrictions on spending, and they are also far more likely to buy on impulse. Are you in the business of making money, or are you in the business of making money?