Are you a business looking for new ways to simplify your payments and increase customer satisfaction? Credit card services can be a powerful tool in helping you accomplish these goals. Whether you’re just starting out or have been around the block once or twice, properly leveraging credit cards can open up creative opportunities that will modernize your operations and reward your valuable customers. In this blog post, Samir H Bhatt discusses the basics of credit card services and discusses some unique ways to use them that could benefit your business. Let’s dive into how you can make the most of this fantastic financial tool!
Samir H Bhatt On Credit Card Services: Creative Ways Your Business Can Benefit
1. Cash Back Rewards: Customers who use credit cards when making purchases are often rewarded with cashback incentives, says Samir H Bhatt. This can be a great way for businesses to benefit, as customers may choose to transfer their rewards solely to that business or even share it among multiple retailers. This leads to more customer loyalty and higher sales figures. According to a report from the Federal Reserve, U.S. consumers were estimated to have earned $104 billion in cash-back rewards in 2019 alone—a substantial figure that demonstrates the power of these incentives. Additionally, according to CreditCards.com, 5% is the most common percentage of cashback offered by major credit card issuers, although some may offer up to 6%. A real-world example is Amazon’s popular cash-back program, which offers 5% rewards for Amazon Prime members who pay with their Amazon Rewards Visa credit card.
2. Credit Card Points: According to Samir H Bhatt, credit cards that are tied to points programs can be a great way for businesses to benefit from customer loyalty and generate more sales. With these types of rewards programs, customers earn credits or points when they make purchases with their credit cards at participating retailers or online stores. These credits can then be redeemed for items such as gift cards, travel discounts, or even exclusive discounts on products within a store. According to a report by Marketwatch, U.S. consumers earned over $17 billion in points rewards in 2019—a significant number that demonstrates the power of this type of reward system. Additionally, according to CreditCards.com, many major credit card issuers offer 1 point per dollar spent as the standard reward structure, although some may offer 2 points per dollar spent. A real-world example is Chase’s Ultimate Rewards program which offers select customers 1 point for each dollar they spend and 2 points for every dollar spent on travel or dining purchases made with a Chase Sapphire Preferred or Reserve card.
Samir H Bhatt’s Concluding Thoughts
In conclusion, leveraging rewards from credit cards is an effective way for businesses to increase customer loyalty, generate more sales and save money on interest rates, as per Samir H Bhatt. By offering promotional bonuses such as cash rewards or signup bonuses or providing special discounts on purchases made with a certain card, businesses can gain a competitive edge in the marketplace while also providing valuable incentives to their customers. With more and more consumers using credit cards for their purchases, businesses should take advantage of these various rewards programs to remain competitive and get the most out of their credit card services.