Is Credit Card Processing for Your Small Business?

cards

As a business owner, you might wonder whether or not the concept of accepting credit card payments is worth it to you. There is some debate about this among business owners, particularly those who have small businesses. Here’s the deal; most people use credit and/or debit cards to make their purchases. There are people in the world that haven’t touched actual cash in what feels like forever and there are those who hate cards and prefer cash or old-fashioned checks. But there are fees associated with credit card payments, and some small businesses feel that the fees associated with card acceptance are just too much. The fees don’t seem like much as a whole, but they add up with every single purchase. Credit card processing is simple in general, but complicated as a whole. There are so many considerations to put into play before you go and get a credit card processing machine of your own, and many of them are things you didn’t even realize.

One thing to consider is the sheer risk of fraud when you accept credit card payments. There is a bigger risk in accepting credit card payments than cash or check payments, and that’s a consideration. Another consideration to make is how much additional work you will have to do to keep your books on track and in good condition. It’s a lot more work for someone in your business to deal with, and that’s not something that’s always appreciated.

However, credit card payments are among the most popular forms of payment, and the fact that your business has decided to start accepting cards could open you up to an entirely new clientele. Those who didn’t shop with you before might now do so because they can pay conveniently and easily without any consideration and or effort.

Photo Illustration by Christopher Furlong/Getty Images