In all of my adult life I have never seen economic times like we currently have. Everywhere I look it seems that people are losing their jobs or their hours are being cut. In addition, business owners have seen their sales plummet or even dropped to the point where they go out of business.
One thing that I am sure most smart business owners are doing in these tough times is looking to cut costs. Cutting costs is an easy way to increase the bottom line. However, when cutting costs, I think it is important not to throw the baby out with the bath water…I’m talking about a merchant account. Merchant accounts should be looked at a revenue generators to a business, not a dispensable business cost.
Time and time again I have seen merchants look at a merchant account strictly as a cost instead of seeing the tremendous revenue a merchant account can bring in to their business. It seems that every year that goes by we are turning more and more into a cashless society. When you don’t accept credit cards, you often don’t know all of the business that you are sending directly to your competitors.
People that buy with credit cards tend to spend more than those that pay with cash. In addition, consumers love to rack up the frequent flyer miles and reward points. If they can’t do that at your business you can bet they are doing it at your competitors.
In the online world I bet there are very few businesses that can compete if they don’t have a merchant account to accept credit cards. Having a merchant account captures impulse buyers. The more types of payments a merchant accepts, the more of those hard earned customers they are going to get.
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