There are a lot of smaller merchants who still accept only cash or check from their customers because they think it helps to keep their costs down. I would like to offer a different perspective on this practice and point out some good reasons FOR setting up a merchant account for your home based business.
1. Missing out on impulse buyers = losing money:
As in Brian's story, quite often folks who were not planning on making any purchases at all happen to come across something that really grabs their interest. They have not planned to do any shopping so it is doubtful that they would have cash, especially if it's more than $20 or $30 dollars. So, out comes the credit card. If a how to become a merchant iso merchant does not accept credit, he/she must send the customer off to an instant teller to get the money. That allows enough time for potential customer to review the purchase idea and start questioning if they really need it... buyer's remorse sets in and the customer does not return.
2. Convenience:
People today lead very busy lives and appreciate the convenience of being able to pay by credit or debit. It saves time and energy. The vast majority carries a credit/ debit card these days as opposed to cash. These folks may not use your service or shop at your business if they know they must stop to get cash first. I've heard it said that "Convenience IS personal service". Having to write checks or go withdraw cash is inconvenient for many.
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Oct 11, 2022
10:16 AM
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