When you stop and think about it, taking credit cards and not taking cash probably makes more sense than doing it the other way round. Apart from a few drug dealers, who really carries a lot of cash around with them these days? The answer is nobody. Anyone who expects to need cash is likely to look around for an ATM and grumble about the inconvenience.
This is what makes retail credit card processing so important to today’s businesses. Everybody who can actually afford to buy your products plans on paying for it with a credit card, so it is pure common sense to make the transaction as swift and smooth as possible. While it is true that some traditional and low-cost marketers do a lot of business in cash, this is because they cater to a group of people who are not particularly credit-worthy to begin with. These are people who cannot afford to make a lot of expensive purchases, much as they might want to. Leaving these low end consumers to other companies allows one to offer higher-margin items that are more in demand due to the advertising support that their manufacturers provide via television, radio and other mediums.
Retail Credit Card Processing
A retailer who does not take credit cards, or one who counts on his customers using his ATM as a substitute for setting up his point-of-sale terminals to accept all forms of payment, is simply kissing a large portion of his potential business goodbye. Few people would leave a fifty dollar bill on the sidewalk in front of them, yet they persist in thinking that it is okay to deny the opportunity of taking money from well-heeled people with plastic in their hands.
Business owners should avail themselves of the opportunity of relieving their customers of their money in the fastest, most painless way possible. Anything that slows the process down, or brings it to a complete halt, is simply a waste of money.