Your Competitors Do
Succeeding in today’s economy means that you must compete on all levels, including the types of payment you accept. Customers want options when it comes to paying for things and your credit card-accepting competitors will gladly give it to them if you don’t.
You're Losing Sales
I used to live down the street from a great restaurant called “Little Burrito Jr.” that only accepted cash. The food was the best around and I would eat there often, but I would have eaten there a lot more if they accepted credit cards. In fact, there was another Mexican restaurant about an equal distance away that did accept credit cards. Even though their food wasn’t as good, I estimate that Little Burrito Jr. lost about 50% of my business to the other restaurant simply because I didn’t have cash on me when I was ready to eat. By not accepting credit and debit cards you're losing sales at a cost that will far exceed any merchant account fees, period.
You're Losing Customers
Losing sales and losing customers may sound like the same thing, but losing customers is far worse. When you refuse to take a credit card from a customer, and the customer has no other means to pay, it leaves the customer feeling embarrassed and rejected. The likelihood of that customer returning in the future diminishes drastically. There are several businesses that I refuse to patronize because of their no credit card policy, even though I like their products and services! I often wonder if they have any idea the number of customers they have lost forever.
You're Losing Big Ticket Purchases
How many people do you know who always carry more than $200 in cash? The fact is that most people don't. Whether you sell food or furniture, you've just lost any sale over $200 if the customer isn't carrying a checkbook. And, who carries a checkbook anymore? Just about no one under 30 years old.
You're Losing Impulse Purchases
When McDonald's decided to take credit cards, they found that their average sale went from around $4 to around $7. Studies show that people spend more freely when using a card. I wouldn't doubt that your own spending would reflect the same findings.
You're Paying more in Bounced Checks
The average fee a business incurs for a bounced check is $25 per check, and that's not even figuring in the time and money lost trying to get your money from the customer afterwards. Credit and debit cards don't bounce.
About The Author
In the late 2000s, as a broke college student struggling to make ends meet, I was contacted by a merchant services company after uploading my resume to a job listings website. This company promised substantial commissions and ongoing residual income for simply persuading businesses to accept credit card payments. It seemed straightforward enough—after all, what business doesn’t need to process credit card payments? Following a phone interview with a persuasive “sales director,” I found myself embarking on what I believed would be an easy job that would significantly boost my bank account with reliable monthly income and large sales commissions. However, the lessons I learned would profoundly change my life in ways I could never have imagined.
After completing my sales training, I hit the ground running, eager to make sales. This broke college student was determined to improve his financial situation! My first attempt at a cold call, with no prior appointment, ended with a burly man in his 50s yelling at me to leave, claiming he had been “totally robbed” by someone like me before. As I hastily exited, puzzled and intimidated by his reaction, I couldn’t help but wonder what he meant. Throughout the day, I encountered similar hostility from other business owners, all expressing disdain for the industry I had been so excited to join that morning. Confused and curious, I decided to shift my approach from selling to listening.
I quickly uncovered that the merchant services sector was riddled with unethical practices, including hidden fees, deceptive marketing, fine-print traps, and much more. It dawned on me that I had nearly been tricked by a dubious company into selling overpriced services under contracts with long-term commitments, all without being fully aware of what I was promoting. Outraged, I resigned from that company but learned that there were indeed ethical credit card processing companies that treated their clients fairly. Over the next four years, I worked for one such company, assisting hundreds of businesses in securing cost-effective processing solutions. Yet, I also met many more who had been misled and trapped in onerous service agreements. Determined to help people steer clear of these unscrupulous providers, I launched this website in my spare time, dedicating myself to researching and sharing my findings on every merchant account provider I could investigate.
Gradually, more and more business owners began to discover my articles. As word spread, search engines started to rank my content highly, amplifying its reach. My efforts were making a difference! Eventually, the website garnered enough traffic to enable me to leave my job and focus on it full-time, a journey that has now spanned over a decade. This path has not been without its challenges; unscrupulous company owners have tried to intimidate and sue me into silence on several occasions. Yet, I have stood firm against each threat. Here I am, continuing to publish reviews and articles, hoping to safeguard others from the pitfalls of the credit card processing industry.
If you believe in my mission and wish to contribute, please share my articles on your websites and social media. Thank you for visiting!
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