Feb 08, 2019

Should Your Small Business Accept Plastic?

Anything that makes it easier for clients and customers to pay for products or services is generally a good thing. And credit cards certainly accomplish that. Yet there are drawbacks.

The decision to accept  credit cards as a form of payment is worth considering carefully, because it can affect your bottom line, client and customer relationships, growth projections, and other factors central to your success.

First, some basics on the process:

On the plus side: Consider these factors that argue in favor of accepting credit cards:

Like any major business decision, accepting credit cards also comes with downsides. Take these factors into account:

Should you accept plastic? For most people, the nature of the business is a big deciding factor. Higher volume retail businesses often opt to accept credit cards. For smaller low-volume companies, like consultancies with few steady clients, the costs outweigh the benefits.

 

Sources:

https://www.nerdwallet.com/blog/small-business/small-business-pros-and-cons-of-accepting-credit-cards/
https://www.nerdwallet.com/blog/small-business/accepting-credit-card-small-business/

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About the author

Expansion Capital Group
Expansion Capital Group

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