Farmers markets have been around since the dawn of time. Back then, though, they were just called markets. Now, the farmers market is making a comeback as local proprietors and artisans are looking for new ways to sell their goods directly to consumers. This comeback is certainly related to the rising purchasing power of Millennials, a generation that is rejecting impersonal corporate retailers in favor of local businesses.
However, although Millennials may be the darling of the modern farmers market, there are still some things that need to be brought into the 21st Century. With cash becoming less common, farmers market retailers are starting to realize that credit cards are a must-have, even among the rustic booths of a market.
Millennials and Credit Cards
Millennials like to use credit cards for just about anything. Rent payments, groceries, and even some utility bills are being paid for by credit card more and more often. One driving force behind the popularity of cards is their convenience; it’s just easier to carry around a single secure card rather than picking up cash from the bank or an ATM every time you want to go buy something.
However, Millennials are also reaping other benefits from using credit cards. By using a credit card regularly and paying your credit card bills in a timely fashion, you can improve your credit score without making any additional purchases.
Millennials are trying to use credit cards at every turn, but what does this mean for farmers markets?
Why Convenience Matters for Small Retailers
Although consumers have gobbled up the credit card revolution, retailers are less excited. Many smaller retailers are unnecessarily scared away by credit card fees. For those who don’t know, credit card companies make a good portion of their money by charging retailers. It’s common for retailers who accept credit cards to be hit with a number of fees from flat rates to per-transaction fees for each purchase that a customer makes with a credit card.
In spite of these fees, it’s often a good idea for retailers to accept credit cards. Although fees can be a pain, retailers can benefit a lot from accepting credit cards. When purchasing is more convenient for consumers, retailers get to make more sales and snag customers that they otherwise wouldn’t. This additional cost for retailers is often more than enough to offset the new income.
On top of all that, accepting credit cards can give a business a huge competitive edge. Any business whose competitors don’t accept credit cards gets a great advantage by making it easier to customers to buy from that business.
Credit Cards at Farmers Markets
Credit cards provide a ton of benefits for both customers and retailers, but they’ve only recently started showing up at farmers markets thanks to new advances in financial technology. In the past, it was hard to work with credit card companies unless you ran your own business full time. Smaller independent retailers who only sold goods periodically couldn’t be bothered to deal with the hassle of flat fees and credit card contracts.
New technologies like Square are making it possible for artisans and farmers to accept credit cards virtually anywhere. Phone attachments and Point Of Sale devices are making it so that retailers can set up shop where it’s convenient.
Consumers are benefiting from these technologies as well. Instead of searching far and wide for a bank or paying harsh ATM fees, consumers can dive straight in whenever they see goods that pique their interests. In turn, the extra fervor from consumers pays off for retailers who are now getting more business than ever.
Millennials love the convenience of cards and farmers markets are starting to take advantage of that. With new technologies, farmers markets are quickly becoming the venue of choice for both consumers and retailers.
Looking for more tips and guides to credit cards? Visit our credit card resource center.
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