When the economy gets bad, credit card use will change. There are some who are not using their credit cards at all due to being at their limit, while others are using their credit card to purchase the necessities like gas and food. Accepting credit card payments will increase sales because it gives the buyer more options. When it is harder to make it from payday to payday, many customers will utilize their credit cards between paychecks.
During a good economy, credit cards will be used for the following:
- Vacations-long vacations, in town vacations, out of state vacations, traveling out of the country
- Recreation equipment and supplies-skiing equipment, boating equipment, camp gear, sports gear
- Fashion clothing and accessories-name brand shoes, clothes from boutiques, high-end jewelry
- Self-indulgence-massages, manicures, pedicures, expensive treats, hair stylists, expensive jewelry, high quality perfume
- Health improvement-health club membership, exercise equipment, workout clothes
- Entertainment-movies, theatre, sporting events, concerts
During a bad economy, credit cards will be used for the following:
- Food-staples, baby food, formula, sale items
- Gas for car-enough to get to work or school, to pick up children
- Basic clothing-under garments, socks, inexpensive shoes, used clothes
- Bill payment-electric, gas, phone, water
- Medical-physicians, therapy, dentist, specialists, urgent care
Some credit card users will use their card between checks and pay down the balance when they get their check. Others credit card users who are struggling financially or don’t manage their money well, will watch their balance creep up until they are not able to use their card any longer.
No matter what the economic conditions, a business will want to be able to process card payments securely and efficiently with the minimal amount of charge backs. To do this you will need to partner with a payment processing company like Merchant Data Systems. They will be able to process storefront payments and e-commerce payments.
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