If you don't process credit cards as a form of payment in your business, there's a good chance that you could be losing customers and sales hand over fist. If you're reluctant to invest in credit card processing infrastructure it's time to bite the bullet and get with the times, because credit cards are here to stay.
It depends on which processor you go with as to how much it'll cost to process credit card transactions. Typically processors charge a percentage of the sale price – although some also charge a fixed fee of several cents, then a percentage on top of that. Although there are many processing companies out there, many of them offer varying prices, so it really is up to you to do a little research and find the very best deal on credit card processing.
Although the fees for processing card payments may appear to be pretty small, when you consider the fact you're likely to be doing a few thousand sales per month, those small fees soon start to add up. The thing to remember is that some processors will offer cheaper fees depending on the volume of card payments that you take: if you can give them more business, they'll give you much more favorable rates.
There are a couple of key reasons why you should bother with credit card processing. The first reason is that cashless payments are only going to become more and more popular. This means that if your business doesn't have the facility to process cards, you could be leaving money on the table – and losing lots of potential sales.
Another reason why you should consider looking into credit card processing is that if you were to seek a merchant cash advance, it's one of the basic requirements when you fill out the application. In order to be eligible for a merchant cash advance you must process credit card payments, and the total figure for credit card payments should exceed the threshold of $2,500 per month.
As borrowing money goes, a business cash advance is a fantastic way to do it - certainly they're a good alternative to a no application fee loan. Cash advances give you flexibility when it comes to repayments, and cash advances tend to be much easier to obtain than bank loans and other forms of finance. Credit card processing is something that every business should facilitate. Plastic cards are fast replacing paper money – so make sure you keep up with the times.