According to the BLS, 20% of businesses fail in their first year, 30% in the second and 50% after five years and lastly, 70% fail in their 10th year in business. The purpose of presenting these statistics isn’t to deter you from starting your business or keeping it open, it’s to show that when running a new business, every edge is necessary. For today’s article, we’ll discuss the most basic “edge” which is having a merchant account—preferably an inexpensive one such as the one’s’ Quick Merchant Account can offer you!
Debit/Credit Preference is Growing
Many businesses are not big chains or franchises, but small “Mom n’ Pop” stores as they are frequently referred to. The nickname refers to the fact that many of these places are small, family-owned ventures that humbly offer a service. Whether that’s the best pizza in town or you’ve got a mobile business such as a food truck or you’re a vendor that frequently travels around to events, you’ll be hard-pressed to get away with not taking credit cards as payment.
A 2018 report from the Diary of Consumer Payment Choice (DCPC) found that while cash usage was relatively stable for payments under $10, overall, debit and credit usage skewed higher as the reference population was scaled down—in other words, younger people overwhelmingly prefer debit and credit if it’s an option.
This is incredibly important for small businesses to consider while moving forward as the Millennial group ages further into parenthood and generations below them will likely carry the trend on for preferring electronic payments.
Accepting Cards and Legitimacy
A business is in the eyes of many people, less legitimate if they only accept cash and check. Debit and credit usage are so common now that anyone who doesn’t have a merchant account—and thus cannot accept cards, seems primitive or unofficial. With mobile card readers and ecommerce software widely available, even small startup businesses can stay up to date with the times without as much effort or investment as was previously required when you had to buy a cash register or POS terminal.
Boost Your Revenue with Expanded Payment Options
Being able to take credit and debit also means being able to service more customers as well as obtain new ones. Many people try out local places on a whim, if you’re not ready to accept multiple forms of tender to take advantage of these serendipitous moments, then you may forever lose out on a customer who could’ve potentially become a regular. People love these whimsical moments where they try a new place out on a gut feeling and end up enjoying the experience. However, imagine if someone came in on a whim but unfortunately did not have any cash on them—who does that benefit? That’s right, no one! You lose business and they lose out on a great experience.
Inexpensive Merchant Accounts for Small Businesses
Are you a small or medium-sized business that wants to start taking credit or debit cards? Or perhaps you’re looking for a better rate on your transactions, Quick Merchant Account is the best merchant processor for your business! We consistently give the best rates to businesses whether they are traditional or they are high-risk businesses. We help process:
- INTERAC Online (Canada)
- China Union Pay
Call us at 818-795-8859 to get started today!