There are very few people today that walk around with cash and the millennial also find cash payment inconvenient. As a small business owner one of the main goals is to increase the profits and grow the business, and you cannot do that if you do not have enough of the customers. Here are some of the reasons why you should accept the debit and the credit cards as a small business owner.
With the credit cards, you will be looking at more customers and this is a good place to start. When you only accept cash, the ones with no cash with them will walk right out, and the ones that run out of it during the shopping will have to leave the items or the services that they would have bought otherwise. You cannot afford to, miss on such opportunities as a small business owner that is trying to reach as many of the customers as you can. When you accept the credit cards, you will also be having cases of people that buy stuff that they did not plan on buying just because they can and this is good for you. You cannot also go online with cash acceptance only.
With the credit card, you get the income funds after and maybe even the same day, while with the checks you may have to wait a while for it to mature. This will increase the cash flow and this is good for business because waiting forever can be a nightmare. The credits cards are also fast in the sense that the transactions will be denied or accepted at the spot, and you will not have to deal with things like bounced checks. You also have a place to run to, the credit card company, should any problem arise and not go hunting for the bounced checks owners. Internal and external theft also happens all the time and when you are accepting credit cards, there will not be a lot of the cash lying around.
While it is true that there are fees associated with accepting the cash, the same goes for the cash payments and the check acceptance. With all the other benefits put into an account and the facts that this is not actually true, you should start accepting the credit cards. Last but not the least, people will also find your business more trustworthy when you are accepting credit cards, and this will be a big deal when you are trying to create better relationships.