Cash only businesses used to be the norm, but there are many reasons why businesses are beginning to transition out of these models. If your business is slow to adopt credit card processing services, there’s more reason than ever to consider making that switch. You do end up paying small fees on each transaction, but once you understand the system you pay less for a lot less liability. Here are three reasons why businesses are going through with the switch.
Technology is Affordable
The technology for mobile, EMV and online credit card processing is more affordable than ever before. Often times, small merchants can rent units for a reasonable monthly fee. If you prefer to buy your technology, and service it in house, there are multiple options with entry level models proving very affordable. Plus, accepting credit cards in store usually comes with the software needed to accept payments online as well.
Cash only businesses are a huge liability in today’s society, especially in major cities with high crime rates. Cash businesses tend to keep lots of cash on hand, especially if they are family run and don’t have people standing by to make bank deposits. That increases the odds that your store will be the victim of a robbery.
When you accept credit cards, money is moved digitally and securely from one bank to another. You don’t hold customer information you don’t need, and you get your money from the transaction quickly.
There are more options for credit card processing than in the past, meaning retailers can shop around and find affordable solutions tailored to suit their needs. Once you understand how fees are calculated, it’s simple to find a good deal.