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Talk with your bank to start
Posted by Noel [Email] (more from Noel) on Wed, 12 Aug 2009 06:24:02
In Reply to: OT: Surcharge for use of Credit Card?, Bill Homerr, Tue, 11 Aug 2009 09:08:24
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There may be a limit on how much the bank will let you take on a card. Then there's your own threshold of pain: how much can you afford (or are willing) to pay in bank and transaction fees? If it's a $20K sale, are you willing to give up 2.5% to 3%? Do the math.
The next thought is whether taking a card makes it easier and faster to get your money. In most small businesses cash flow is huge so it may be worthwhile to take cards if it accelerates cash flow. Also, consider if it results in a net increase in sales. Is booking one additional $3-5K sale per year worth the costs of taking cards?
I do marcomm consulting and just started taking MC/Discover/Visa because it gets me paid sooner on smaller jobs for a couple of clients. I get hit for 2.75% on a transaction, plus a set monthly fee, but I'd rather get the money in my account in a day or two instead of waiting 60 days if the job is in the normal invoicing system. That way I can cover my expenses and contractors more easily.
In this economy I haven't adjusted my rates to accommodate the card costs, but will do that gradually.
Posts in this Thread:
- OT: Surcharge for use of Credit Card?, Bill Homerr, Tue, 11 Aug 2009 09:08:24
- Talk with your bank to start, Noel, Wed, 12 Aug 2009 06:24:02 <-- Viewing This Message
- $5,000 per transaction at the SD BMW MC store.., Mike Lynch
, Tue, 11 Aug 2009 11:31:32 - Check with the card company..., Larry West
, Tue, 11 Aug 2009 09:49:36
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