Saying “no” to credit cards has become a sure shot sale killer. Almost all savvy business owners offer credit cards as a payment option now. Many customers only carry petty cash, preferring to use credit cards for purchases.
A business that offers credit card payment options has to pay credit card processing fees to a credit card processing agency or bank. Processing fee is a sore point for many business owners as they cannot justify paying a cut of their sales to another agency. Acknowledging the contribution of credit card sales to their profits will help business owners look at processing fees with more equanimity.
Business owners must evaluate the cost of the processing fees to the business by studying the monthly statements frequently. The cost should be adding value to your business.