Take a walk through your local mall, and you’re likely to stumble upon a vendor with an old-fashioned sign posted on his kiosk: Cash or Check Only. Like many small business owners who don’t accept credit cards, the owner of the kiosk probably believes his merchandise is so unique, customers will go out of their way to drop by the ATM first before buying his wares. Or this merchant has grown comfortable doing business with the mall rats who often stop by his stand that he doesn’t notice the other customers who are passing him by because he’s not set up to accept credit cards.
Are you in the same boat as this kiosk owner? Are you comfortable with the level of sales you’ve managed to generate by accepting cash or checks only? Are you under the impression that you don’t have a large enough customer base to warrant credit card processing? Do you believe the processing fees on a merchant account are too high or that it will take too long for the money to hit your bank?
Whether you sell hand-knitted scarves or you run a small accounting business, it makes good financial sense to invest in a merchant account. Haven’t you outgrown that faded Cash or Check sign in the window? Here are three reasons you should sign up with a credit card processing company today:
Impromptu sales. Let’s suppose that you do sell hand-knitted scarves for a living. When you wear your scarves, you probably get stopped all the time by potential customers, commenting on the beauty of your product. Instead of earning a modest income with your homemade goods, you could be racking up impromptu customers with a wireless merchant account that you plug into your cell phone or tablet. Many merchant accounts feature affordable processing fees and the money is transferred to your bank within a day or two. Instead of handing out a business card in the parking lot or on the sidewalk, you could be accepting credit cards from a spontaneous customer base that you encounter during your travels.
Streamline your cash flow. As a small business owner, how many times have you had to run to the bank before closing to deposit the cash and checks you’ve collected from customers? Not only are you wasting gas money and valuable hours that otherwise could be spent running your business, you have to wait for those checks to clear … if they don’t bounce altogether. By having a merchant account in place, the money is automatically deposited into your bank with a day or two, and most credit card processing companies offer account management.
The mark of a leader. In today’s tech-saturated global marketplace, don’t be a flip phone user in a smart phone society. Having a merchant account sends a message of prestige and professionalism.