Small businesses face a very different set of challenges than those goliath-sized enterprises. But as it turns out, for any business adding complexity to your operation zaps profits. Conversely, you also may be paying through the nose in a quest for simplicity.
Take for example the way you receive payments from your customers. If they whip out that plastic money, you lose, while the credit-card companies gain several percentage points of your hard-earned dollars on their side of the ledger.
Convenience comes at a high price, which a busy merchant realizes when he finally takes a closer look at the books.
While the credit-card companies are making money coming and going — don’t you wish you owned one of those golden geese! — the one-man shop is forking over money to monolithic enterprises that carry tremendous political power. The credit-card firms are very busy spreading campaign contributions to both major political parties.
It’s a situation that makes America’s banks a much sweeter deal. That’s why more merchants are discovering they can shave one percentage point or more off their expenses by switching over to processing payments through the banking system.
Consider suggesting Automated Clearinghouse Payments (ACH) to your clientele, particularly those faithful customers that regularly frequent your business. Not only will you be building a stronger point of contact with your customers, you’ll also be pocketing more of your hard-earned dollars.