Before you decide you are not going to accept credit card payments be sure and consider the following facts. Today, many retail businesses have found that it is next to impossible to make sales of any item or service over $20 unless they are equipped to accept credit cards. In addition to this, any retail stores have discovered that they can improve their credibility, increase their sales, and improve their financial security just by getting their store ready to accept their customers' credit cards.
Just a few years ago, the equipment needed for a store to read and process its customers’ credit cards was very expensive and hard to obtain. In order to get approved for the equipment, a store had to go through a lengthy application process and ultimately had to be approved by a major bank. Because of this, a lot of consumers came to think of a store that accepted credit cards as being trustworthy and established. Unfortunately, the flip side of this is that consumers think of stores that cannot accept his or her credit cards as being too new and potentially unready for business.
While this can work well for stores that sell small and/or cheap items, it can really limit the sales potential of a store that sells larger and/or more expensive items.
However, being able to take on larger jobs and/or fill bigger orders is crucial to any store owner who is looking to grow his or her business. Without the ability to accept credit card payments, a retail business is for all intent and purposes limited to selling its items or services for whatever amount of cash is in their customers’ wallets.
While a few of the stores in this situation, such as furniture and jewelry stores, have made the decision to take customer checks in lieu of cash or credit cards, these stores are taking on the risk of their customers passing a bad check. In fact, by being able to accept credit card payments, a business is able to give itself some extra security. Credit cards are issued by banks that have many fraud detection systems in place, making it less likely that a store will get a bad payment. Furthermore, all transactions are handled electronically. A store that can only accept cash and checks has to provide its own security for customer payments.
This is usually done by buying a lock box, security safe, or a locking cash register. After the store closes, the store then has to pay for a service to make a deposit pick-up and/or take the cash and checks to the bank themselves.
Fortunately for many new businesses, the complicated application process and high fees are no longer necessary to get a store ready to accept credit card payments. There has recently been tremendous growth in the field of small retail and service start-ups, at the same time that there has been in a drop-off in sales at major chain stores. This means that there is huge demand in the market for cheap credit card processing, and several companies have stepped forward to supply this need. Getting ready to accept credit card payments costs virtually nothing upfront, and can be done in less than a few hours.
So what are you waiting for?