Why is it, in this day and age, that there are still some stores and restaurants that don’t accept credit or debit cards? This is the epitome of making it difficult for your customers to do business with you. There is nothing worse than to make it through an entire meal, only to discover the place only accepts cash. At this point, you will either end up washing dishes or hunting around the neighborhood for an ATM. This is ridiculous. If you’re in business, find a way to accept credit cards. Expanding your ability to collect on funds immediately will pay dividends in the long run.
Tip: Some entrepreneurs are deterred from processing credit cards because of things like a 3 percent processing fee, monthly gateway fees, and so on. Here’s a reality check:
I once had a client ask me if he could pay his installment for web design services with a credit card. The payment, the second of four, would have been over $1,000, which was a lot of money for me at the time. I had only begun that week considering the notion of accepting credit cards, so I told the client I had to decline the offer and wait for the check. “The check is in the mail,” the client said.
Well, that check never arrived. Turns out, that would have been the last payment I would have received from him, as his business folded in the weeks to come.
Still concerned about the additional monthly cost of accepting credit cards? A small raise in your rate or your prices will cover the cost. Look at the nature of your business. If you are in retail, offer high-ticket items, or have the need for recurring billing due to subscriptions, memberships, or regular donations, you are a good candidate to accept credit cards.