I see there aren't many business owners here, even though everyone thinks they're so smart. Amex makes their money from the businesses that accept them. Ask me how I know. I finally started adding 3.5% to any bill paid with a C/C. Don't like it? Write me a check or hand me cash. My C/C fees used to run me 3-4k a month, now they are zero.
You are just now becoming aware of credit card processing charges and their impact on your accounting?
That knowledge should have been acquired well before you established any inventory retail pricing.
Weigh out the impact of not accepting credit cards on your sales. Things get interesting.
I been in business almost 30 years and have accepted almost zero new customers in over 5. I wish I'd have gotten up with you on how things were done before I started.
I did not get my edit in before you quoted. I did not mean to be argumentative.
You might not be selling inventory, and may be a service-oriented business. Therefore, what I intended to say was analysis of accepting credit cards from your customers and the ensuing charges is an analysis one has to make. The earlier, the better.
Yes, dropping CC acceptance can result in a loss of sales.
Yes, burying the CC fees in the cost can result in a loss of sales.
Accepting CC might result in more (read new) customers and an increase in sales.
But you may be operating comfortably with the current workload and existing customer base.
Continued success and enjoy your Holiday Season!
