There are a lot of reasons why businesses choose to be cash-only. For many cash-only businesses, this decision might be purely circumstantial. Rural areas without access to reliable internet or cellular connections might not have the capability to dependably offer credit card transactions.
The Customer is King in Matters of Taste
It’s a maxim familiar to all small business owners. If your customer wants to pay more for chocolate syrup on his tuna fish sandwich, then noblesse oblige. We’d make the argument that this same sort of business mindset extends to preferred methods of payment. Per the 2020 report, credit and debit cards combined reached the plurality of payment methods across all age aggregates.
Increased Safety
Technology has advanced in tremendous ways and continues to do so.
Amazingly, the steps that are being taken towards securing transaction processing are out of this world. Card chip payments, contactless payments, and phone-based payments have gone a long way in adding an extra layer of fraud prevention to transactions. In fact, many types of contactless payments use a completely randomized token to complete transactions so that even the bank account and credit card number of the customer are not used!
Easier Bookkeeping
Undoubtedly, one of the most unsold benefits of credit card transactions is that they create a transaction history automatically. This means matching sales to revenue is much less work for business owners. This transaction history, along with the analytic capability of modern POS systems and bookkeeping software like QuickBooks, automates so much of the grunt work come tax season!
Lower Transaction Fees
As card payments have become more common, the industry around merchant services has exploded. This competition has lowered fees from providers vying for customers and has improved the technology dramatically. Long gone are the days of expensive terminal rentals and outrageous monthly costs for services like PCI compliance that are now part and parcel of merchant services packages. It has quite literally never been more affordable to take credit card payments.
This post was written by a professional by Exzact Business Solutions. TRANSPARENT | AFFORDABLE | SIMPLE payment processing companies Pinellas County, Websites, and Social Media Done Right. Exzact Business Solutions are on a mission to educate local businesses to ensure smiles, savings, and solutions. Exzact clients save an average of 30% on their processing alone. No Contracts, Free Equipment, Local Support, No Rate Increases, and More. Exzact Business Solutions goal is to educate the local business community in order to ensure smiles, savings and solutions. Exzact Business Solutions is an Independent Sales Organization with strategic partnerships dedicated to cultivating reliable and trustworthy relationships in the Payment Card Industry, allowing to tailor products and services to the needs of each merchant. Contact EBS and see what a difference having the right advocate can make!
