Can You Afford to Pass Up Accepting Credit Cards?
Small businesses face a challenge when it comes to accepting credit cards. Most merchant accounts for credit cards have expensive fees. When the percentage of the sales deducted from credit card purchases makes it necessary for small businesses to raise their prices it may seem that credit card processing is more of an expense and hassle than a small business owner needs to deal with on a daily basis.
The truth is that cash is becoming obsolete, checks are questionable and plastic is how the world goes round. Debit cards, credit cards, and bank cards are all common items these days. When fewer people are using cash and are willing to drive to a store that accepts credit cards it could mean a huge loss of business if you do not take credit cards.
Small businesses have a lot of expenses that may seem overwhelming, but accepting credit cards can be a huge benefit. The question is whether the benefit outweighs the expense. When you have a quality merchant account that has reasonable fees, then accepting credit cards is not only smart but cost effective.
The initial expense of accepting credit cards is fairly low, most companies offer a merchant account with a card reading machine upfront. Setup is quick and easy, training employees can be done in about an hour and you are ready to accept credit cards at your small business. Transactions are processed throughout the day, batched at the end of the day and then the cost comes into play.
A percentage of each transaction is tallied, your profit is deposited to your account and the fees are sent to the processing company. There are a few options for this step including a monthly deposit and payment and some processing companies even offer monthly billing so that the fees are not deducted from your initial deposit.
If you are ready to increase your business by accepting credit cards, look into finding a small business merchant account that fits your budget. Vision Payment Solutions is one of the leaders in the payment processing business, with their team of experts, including CEO Eric Hannelius, we can get you a solution that fits your business. Contact us today!