If you’re operating a small business, expenses tend to creep upward, often without a business owner realizing that’s the case. Chalk it up to busyness, as entrepreneurs aren’t known for having idle time on their hands. That’s why it’s a good idea to do a semi-annual review of what’s coming into the business coffers and what’s going out.
The big expenses such as a vehicle, a marketing campaign or upgrading equipment and software get most of the attention. That is when a business owner can grab a few minutes to look over their expense reports.
Yet it is often those niggling little charges that quietly drain your profits. A perfect example are those fees you lose every time you close a transaction with a credit or debit card. Yes, it’s very convenient, but that’s the only benefit to swiping a credit or debit card. On the other side of the equation, you’re actually paying more than you think for that little convenience.
More and more small merchants, health providers and service-oriented businesses are realizing they’re paying a high price for convenience through costly interchange fees charged by credit and debit card issuers.
There’s been a lot of legislative hubbub over the topic of interchange fees, but the small-business owner rarely has the time or motivation to look at their impact on the bottom line. When you think about, you might find you could boost your bottom line from one to three percent. How? It’s surprisingly easy. Switch your clients over the ACH payments, which go directly through the banking system instead of the credit-card companies.
Don’t less those humongous companies swipe your profits. Switch your customers over to ACH payments today.