In today’s fast paced technology driven world small business owners are faced with making some decisions when it comes to payment forms. In times past cash was the most commonly accepted and used payment form followed by checks. This new generation of young adults operates mostly with a debit or credit card. Many do not have a checkbook. Even more say they do not carry any form of cash. Although this is quickly becoming normal many business owners are electing to remain a cash only business. There are some good things about being cash only, but there are some limitations as well. Do you need reliable laundry equipment dealers in NC? T & L can help you. Call now to learn more.
One drawback to accepting mobile payments, credit cards, and debit cards is in the accounting process. Transactions made by any means other than cash means each payment is tracked. If for any reason a charge is disputed you must deal with it for a period of time to collect payment. With some companies your payments may also take longer to post to your account.
When you agree to accept credit and debit cards each transaction will cost you a fee. The equipment you need to use also comes with a cost. All of these associated fees take a toll on your bottom line. Many small business owners do enjoy the extra security that comes with technology. However, it is not foolproof. Thieves are always finding new ways to target your customers' credit card information.
In today's marketplace 75% of consumers say they use credit or debit cards exclusively when shopping. Only a small 11% still prefer cash as their primary transaction. Not accepting credit and debit cards can mean a loss of business. A recent study also found that credit card customers are more likely to spend more be willing to pay more in a business.
At the end of the day a cash only business is vulnerable to theft. With no paper trail and lots of cash on hand it is easier for employees to steal. It also makes it harder for you to reconcile accounts.
As you can see the decision to be a cash only business is not an easy one. Often the decision is based on the type of business you have. If your money transactions will be small, then it makes sense to remain cash only. If you have a higher purchase price, then you will need to look at the possibility of not attracting or even losing some customer base if you do not accept other forms of payment.
Top Rated Laundry Equipment Dealers in NC
Are you in the market for vended laundry equipment dealers in NC? Give us a call at T & L today. We are available to help you with your plans. We know how to help you choose the right commercial washers and dryers for your business’ needs. T & L has been in operation for 40 years. Within that time, we've worked hard to offer the best machines for the best prices. We believe in our products and are excited to share them with you. The benefits you’ll gain from trusting our washers and dryers are incomparable. From replacing old units to helping you build a new facility, our years of experience and knowledge can help you make the right choice for your business.