Small Business could miss out in sales in case they decide not to accept payment using credit cards. In 2014, 35% of consumers preferred credit cards over any other type of payment.
Some small business build the cost of accepting credit card in the final price of goods. Instead, there are ways businesses can save on credit card processing fees.
In order to minimize the impact of those costs, the business can implement a minimum for consumers to use credit cards. Post your new rule prominently by the cash register and inform your employees of the change.
Credit card processing companies have to compete to attract and keep clients just like any other business. Some offer a lower rate to lure in new customers, it is worth to look for the best deal for you business.
Ask other businesses in your area what they are using, or search in the Better Business Bureau (BBB) about credit card processing services.
- Credit card processing fees can vary depending on the company you choose – it pays to shop around to find the best deal.
- Small fees can make a huge difference to your bottom line over the long haul.
- Before you sign up to use anyone’s service, make sure you understand their fee structure and how it works.
“When faced with a purchase minimum to use credit, consumers can either turn to cash or spend more – both options that benefit your business. If customers opt for cash, you’ll avoid credit card processing fees altogether. But if they spend a bit more so they can use credit, the extra revenue can help offset credit card processing fees.”