4 Reasons Accepting Credit Card Is Dreaded By Business Owners
One of the hardest tasks to do in the world and economic conditions of today is to continue running a small business effectively. The competition is at the fiercest level and every business owner looks for the slightest bit of advantage to take their business that little bit higher.
What is the best way to increase the levels of profits in your business? The easiest way is to increase your sales. In the modern world of today, cash has been replaced in most households by credit cards as people tend to use these cards for everyday transaction. Yet, most small business owners dread the idea of accepting credit cards and this affects their overall sales. But why so?
Here we take look at a few reasons why accepting credit cards is so dreaded by new business owners.
A mobile Business Can’t Accept Credit Cards
There are a large number of businesses that tend to be mobile in their locations. They are based on the idea of moving from one place to another to try and service the customers. It is commonly believed by business owners that mobile businesses lack the capability to accept credit cards. This however is nothing more than a myth now. With the development of technology there are now apps and attachments available that allow the owner to accept the credit cards as long as they have a merchant account.
Processing a Credit Card is Expensive
This is a fact. Processing a credit card has its fees and more often than not this fee can be a little more than minimal. Yet it is important to identify that the use of the credit card is likely to increase the level of sales of a business which means that even despite the processing fees there will be a higher return to the business in the long run.
The Startup Cost is too much
This is another common belief of business owners. Most small business owners have little or no capital for investment and hence are likely to shy away from any projects or ideas that involve a hefty initial startup cost. This however isn’t true. Setting up of merchant accounts and the fees of the application can be waved off by several companies who want you to have a merchant account in their company. This means that the initial startup costs can be almost free.
I have Bad Credit
One of the most common reason business owners are reluctant to accept credit cards is because of their bad credit ratings. While these people are aware of the importance of accepting credit cards in today’s business environment, they believe that their bad credit rating means they have no chance of having a merchant account. In reality though there are merchant account providing firms that specialize in providing merchant accounts to business that are high risk, making it possible for bad credit business to let their customers enjoy the credit card facility.
Credit cards have become an almost inseparable part of our daily life and it is vital for business to integrate them into their business model to increase their business’ chances of success.
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