When it comes to accepting credit cards, small businesses are leaving an estimated $100 billion on the table in forfeited profits. The reason? They aren’t accepting the fact that they need to accept credit cards.
Many merchants still fear that the price it costs to take credit cards will lead to lower revenue. We’ve written about this anomaly before. The truth is, it couldn’t be further from the truth. A report from Intuit estimates that “each business that does not accept plastic musses out on approximately $7000 in sales annually.”
But there’s another strain that many small businesses forget to realize. Cash flow. Small businesses are waiting for an average of $5000 in overdue payments, one survey found.
The cost to not getting paid is a huge cost for small businesses trying to stay afloat. The time it takes for a client check to hit your business bank account can be stressful for the client as well as yourself. In today’s payment world, it’s simply not necessary.
The same survey found that 83% of businesses that decide to take credit cards make more sales, with over half of these businesses making at least $1000 more each month. Reducing bad debt and faster payment are other benefits small businesses see with the decision to accept credit cards as a payment option.
So this changes things a bit doesn’t it? You no longer have to be afraid of the cost of accepting credit cards, because the truth is…. If you’re NOT accepting credit cards, you’re leaving money on the table.
For more information on you can get started accepting credit cards with minimal cost, visit our merchant account section to learn more!