Originally Posted by JimLewis
Yah, but then now you are losing 2-4% on every transaction. We take credit cards. Have for a long time. But we always offer a "cash discount" for people who pay by check. I'd rather have the money today and I'd rather not have to lose 3%. If you add it up, 2.5% or 3% can add up to a lot. If most of your customers pay by credit card and you did say $200,000 a year in business, that's $5,000-$6,000 a year you're giving up. That's a friggin' trip to Hawaii or the Bahamas! I don't know about you, but I don't like giving away that kind of money.
Credit cards have their place. But you gotta understand that they cost you big $$ too to take them. Me, I try to minimize the amount of credit cards we take.
It's also worth noting, I am 15 miles one way from my nearest bank branch. when I'm paid by credit card, it's electronically transfered to my bank account at no charge. My bank does offer the option to deposit checks with my smartphone app. Cost of $.50 per check. Again, that whole paying for convenience. However, if I get a check in the mail, I'd burn up more gas than that taking it to the bank AND to ME, $.50 is more than worth the time I'll spend driving to the bank, going IN the bank, filling out the deposit slip and waiting in line behind granny who just came in to check her balance.