When asked what most business owners would prefer as their sole type of transaction, most would claim cash as the best. While cash has it’s benefits, it’s part of the old world. Don’t believe me? Just ask this Gallup poll that says only 24% of the US is using cash for most of their purchases. This number is down from 36% just five years ago. With advancements like debit and credit cards, smartphone pay systems and even chip implants embedded in your wrist (not kidding, google it), fewer and fewer of us are carrying any cash at all. Consider the future & you may just realize that cash will soon be a thing of the past all together. Recently India took a controversial step of banning large currency and suggesting that all citizens use credit cards & mobile payments instead.
Small businesses who do not take credit cards stand to lose customers as each day passes. While it may cost you more to take cards, those fees are significantly overshadowed each time you lose a customer. Though you might be frustrated by the decreasing number of cash customers, remember that it also creates opportunity. Taking credit cards allows customers to be put on recurring bills or pay you even when they aren’t physically in front of you. Setting up your business on Handlr, for instance gives customers the ability to pay you automatically. Automatic payments lead to increased purchases from customers who don’t need to think about payments.
The technological advances of recent years have enabled small business owners level the playing field with their large competitors. Credit card processing is one such area where small businesses have no excuse to lose to their competitors. Make sure you jump on the bandwagon now or risk losing your customers!