Credit card processing is a critical component of many small businesses payment systems. However, not every small business owner sees it that way. Some small business owners feel it is better to work as a cash-only business, while others feel they should accept credit cards as a form of payment.
The reasons vary why some choose to accept plastic, and others don’t. If you’re on the fence about whether or not you should run a cash-only business, keep in mind that industry research has shown customers are more likely to increase spending on impulse buys and higher-priced items when they have the choice to pay with credit cards.
Here are three credit card processing myths to know as you evaluate whether credit card processing is right for you:
Myth # 1: Everyone Carries Cash
Bankrate.com surveyed consumers and found that only two out of five people carry cash in their wallet. Even then, they were only carrying less than $20 on average. In today’s marketplace, most people are not carrying cash, meaning your business is losing out by not accepting credit cards.
Myth # 2: Credit Card Processing is Too Expensive
Yes, it does cost money to pay for access to a credit card processing system. But there is so much competition in the merchant provider space that prices are very competitive. You’ll make more money by paying for the benefit of accepting credit card than you would otherwise.
Myth # 3: My Business Won’t Qualify for a Merchant Account
Don’t simply assume you are not eligible. In a fiercely competitive marketplace, many merchant providers are willing to work with businesses that may be considered higher risk.
In a business environment that is ever-changing, it’s vital that a business owner stays ahead of the game by consistently evaluating the right course of action to take. If you’re looking for a credit card processing service that will take the time to show you how to improve your bottom line, call us at Fired Up POS to learn more. Our pro team is always ready to help.
