For many years mom and pop retailers were able to successfully stay in operation by accepting cash as their only method of payment. The main reason for accepting cash only, is that many small business owners could not afford the steep fees associated with credit card payment processing. However, times are changing—and North American Bancard explains why in a recent blog post.
Not only is credit and electronic payment processing more affordable than ever—but it will negatively affect your bottom line if you don’t accept alternate payment options. In fact, some small business are going out of business because they do not offer competitive payment options.
If you are a small business owner who is considering upgrading to credit card and electronic payment options, you must also consider the benefits of securing a merchant account. Along with superior support, a merchant account will provided you with a multitude of payment processing options—from credit, debit, PayPal, gift cards, and wireless. Your information will also be stored in a centralized system so there is no need to worry about losing data if your system temporarily goes down.