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Have you ever thought about how your customers use credit cardsa Have all the costs of purchasing coffee in the morning to monthly payments of cara Did they use credit cards in some situations - like to buy clothes, but not for groceriesa Or, if your customers each hold multiple credit cards, they use one for major purchases and other small items for day to daya

How people use credit cards can reveal a lot about their lifestyle and financial perspective. According to a recent survey by Compete.com, most credit card holders use a combination of payment options - and payment preferences vary significantly by demographic characteristics. For many consumers, the use of credit cards is not as ubiquitous as you might first expect, but it is still a very popular payment option, as well as debit cards. If your company does not accept credit or debit card, you may miss sales people who do not cash or check, or who use their card for all to earn points reward.

The survey revealed that nearly half of credit cardholders use their card at least three times a month, preferring to use it primarily for purchases more expensive. A third of consumers use their credit cards as often as 1-6 times per week. For purchases less expensive, such as personal items, restaurant meals or groceries, credit card and debit card use is almost equally balanced.

Credit cards are a little more popular than cash when paying for expenses, but when it comes to small, everyday purchases like a cup of coffee, cash remains the payment method selected. However, there are still many consumers who prefer to use credit for all their purchases. Notably, the controls are not highly favored form of payment in any category of expenditure.

Over three quarters of credit card holders (81%) also carry a debit card. The groups most likely to promote the use of debit cards are women, youth, and those with family incomes under $ 60,000 per year. It may be that the use of debit cards gives these consumers a greater sense of control over their finances, since the funds are drawn directly from their bank accounts. the use of debit cards can also help avoid any delays in payment, accrued interest and other fees that are often associated with using credit card.

For consumers who own more than one credit card, there are usually two cards that are favorable. How do most people decide to use the card for a purchasea Most people say they will use a credit card based on specific agreements or rewards, such as mileage. Many people report that they will use a credit card for most purchases and switch to a replacement card if the card is not accepted or preferred not working.

With nearly 6 million credit cards in circulation in the United States (nearly 2 credit cards for every man, woman and child in the country), credit is not only a widespread form of payment, but is growing in popularity. Whatever business you are, you can increase sales and better serve your customers by meeting their preferences for multiple payment options.

About Merchant Services First

First Merchant Services is a strategic partner for sales of United Bank Card (UBC), one of the payment processors the largest and most reputable in the United States. First Merchant Services offers state of the art electronic cash registers with credit card, fully integrated processing for merchants, completely free. Through its partnership with UBC, First Merchant Services is also able to offer some of the lowest rates available transaction processing. To learn more, visit