Lynne Baker
Lynne The Skin!
One thing to bear in mind when considering taking cards.
There is a %age charge for each transaction, unless it is a debit card, for which there is a flat rate, usually 20 odd pence.
There is a monthly rental charge for the terminal too.
However, and this is a big however, clients will spend more when using a card. This is not a guess, it's based on cold hard data!
If you take cheques you always run the risk of them bouncing - people can be unscrupulous and/or ditsy (not realising their account is overdrawn)
If you take cash you run the risk of people not having enough on them, not realising that you don't take cards, etc, and then you have the awkwardness of them having to go to an ATM and you never seeing them again
If you take cards people can buy from you over the phone, and you put their details through the machine as a cardholder not present.
It's an instant authorisation, the money is in your account within 2/3 days.
People expect to be able to pay by card these days.
And lastly - and for me it's an important one - it professionalises you.
The benefits far outweigh the costs for me, and as soon as you hit the 6 month mark you're no longer considered "new to cards" and you can start negotiating your transaction rates with your provider.
If you're very part time, it won't work for you. I'm very, very full time and it works very well for me. I don't have to fill out paying in slips, keep a load of float cash, take the time to pay money into the bank either.
Do remember the fact: people spend more using cards.
There is a %age charge for each transaction, unless it is a debit card, for which there is a flat rate, usually 20 odd pence.
There is a monthly rental charge for the terminal too.
However, and this is a big however, clients will spend more when using a card. This is not a guess, it's based on cold hard data!
If you take cheques you always run the risk of them bouncing - people can be unscrupulous and/or ditsy (not realising their account is overdrawn)
If you take cash you run the risk of people not having enough on them, not realising that you don't take cards, etc, and then you have the awkwardness of them having to go to an ATM and you never seeing them again
If you take cards people can buy from you over the phone, and you put their details through the machine as a cardholder not present.
It's an instant authorisation, the money is in your account within 2/3 days.
People expect to be able to pay by card these days.
And lastly - and for me it's an important one - it professionalises you.
The benefits far outweigh the costs for me, and as soon as you hit the 6 month mark you're no longer considered "new to cards" and you can start negotiating your transaction rates with your provider.
If you're very part time, it won't work for you. I'm very, very full time and it works very well for me. I don't have to fill out paying in slips, keep a load of float cash, take the time to pay money into the bank either.
Do remember the fact: people spend more using cards.