Cash Has Become Less of a King and More of a Duke Amidst COVID Concerns
First, people were forced to shop online. Then, they were allowed to shop in stores, but cash was discouraged. Now, there is a coin shortage requiring people to use exact change or credit to make any in-person purchases.
With all of these changes and stipulations, the common question is whether cash is dead.
Cash Is Not Dead, But…
Cash is not dead. Of course businesses would rather cash, as opposed to paying any processing fees. However, cash is not necessarily King any longer.
Small item vendors may prefer credit or debit to avoid making change. Sue to the coin shortage, they may not have a plethora or pennies or quarters to provide change to clients. They may request that if you use cash, you have exact change.
Large item vendors may prefer credit or debit payments due to the pandemic. Additionally, they are used to taking credit or debit payments as a regular standard of business. However, since coins are rarely an issue in these industries, cash is still welcomed and accepted whether or not it is exact.
How Can You Reduce Costs When Requesting Credit or Debit Payments?
Since many people are avoiding using cash, vendors need to find ways to save money on processing fees.
The first step to saving money is to review your merchant services accounts. Your fees may be abnormally high. A review of your merchant services accounts can help pinpoint high expenses. Eliminate unnecessary fees and you can potentially save thousands of dollars a year.
You may also choose to accept debit payments in addition to credit. While both include processing fees, debit card processing fees are less than credit. Encourage customers to pay with debit and save money with every transaction.
Call Tanker Consulting Services to Update Your Merchant Services Accounts to Meet the Needs of the New Normal.
Whether you are a corporate retailer or a small mom and pop ship, retail has taken on a new identity. Your merchant services provider needs to keep up with the changes, offering you savings in any way possible.
The merchant services experts at Tanker Consulting Services can help. Call (609) 922-0201 for your free consultation.