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Author Topic: What Does Merchant Services Mean for Your Business?
davidjohn6-
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Post What Does Merchant Services Mean for Your Business?
on: September 28, 2022, 17:32

So, why do some businesses remain cash-only? As we stated at the outset, some companies deal in small amounts and their customers understand and know to bring cash when they eat at a truck stop diner or visit the local carwash. However, many small businesses refuse plastic out of simple stubbornness. They don't like the fact that they are charged fees by merchant service providers for each transaction, which means they make less when a customer swipes instead of paying with cash.
Obstinacy is understandable. Business owners get set in their ways and are reluctant to change. But the proverbial writing is on the wall. Cash is no longer king. We have come to a point where most businesses simply cannot compete if they refuse to process credit/debit card payment. But it isn't all bad. There are many proven benefits of plastic.

We touched on this a bit earlier. Shoppers expect certain businesses to cater to them when it comes to customer service. They expect that employees will be pleasant and helpful and that extends to the register. The good news is that studies have shown that customers spend more when they use plastic than they do when they use cash or a check-the average credit card purchase is about twenty dollars more.

Merchants also report significant growth in their customer base when they start accepting plastic. There are several reasons for this. For one thing, Americans have a penchant for spending money they don't have. It might be due to instant gratification or conspicuous consumption, but whatever the reason, it is a reality of the marketplace. The increase in customers and larger average purchases is often more than enough to outset credit card payment agent service fees and then some.

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