Good article. Along the same topic "Cash is King", today's Wall Street Journal (Tues Jun 21) has an article
"Merchants Shred Costs of Plastic". Merchants are racing to lower their costs when merchants pay with plastic.
Restaurants, dentists, liquor stores and small business owners are offering discounts to customers who pay with cash.
One price for credit cards and another for cash, like gas stations have been doing.
A couple of random comments on this thread from the point of view of a payment processing professional.
There are a number of ways for merchants to INTELLIGENTLY cut their costs of payment processing. To name just a few: Swipe all cards, keep key-entered to a minimum. Settle batches on time to avoid surcharges. Control chargebacks
(yes, there ARE things merchants can do in this regard, that most don't). Consult a pro to have your rate schedule properly 'stacked' to suit the unique sales mix of the specific business. Audit your account every two years or so to see if changes
or adjustments are justified.
Refusing to take plastic payment altogether , or hassling valued customers with cash/credit surcharges are decidedly NOT among the sensible ways to accomplish this.
We've got a great new article that discusses four critical cash flow strategies and recommendations to avoid financial pitfalls, mitigate risk and seize opportunities.
Do you agree with the article's four key strategies?
Will they work with your business?
We'd love to hear your thoughts and comments on the article!