Among the goals of any well operate company should always be expense control. I had a boss that always mentioned it was all the small expenses that kill a business. Receiving money regarding goods or services is the absolute goal of a company. In a small business transactions, selling a widget to a customer, cash is usually the preferred method while there is no cost when a business accepts money for goods. Many other forms of transaction are acceptable in the retail plus wholesale markets.
In the wholesale marketplace segment a buyer may receive consideration and specific terms with regard to payment of goods sold, like thirty or 60 days before payment is in fact due. By delaying receipt of payment this costs the seller cash. In the retail world cash will be king but credit card payments are usually accepted. When a business chooses to simply accept credit card payments and you swipe your card in the little machine within the counter, a third party merchant services suppliers (MSP) is utilized. They facilitate the process of taking your money from the bank card account and paying the store, but there is a 3rd party handling charge.
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The merchant services/credit card company charge structures vary in a couple various ways. All the different credit card companies and MSP’s charge some nominal fee for performing as the conduit for the money flow upon each transaction. It could be 1% to 3% +/- depending on the credit card corporation and MSP contract and the volume or number of transactions. Each MSP has a multi tear, multi action formula for each and every transaction, so the devil is in the details. The 3rd party merchant service fee structure (the credit card swipe machine) also differs depending on volume and type of transaction. Whenever I pay with our debit card, and the retailer requires me “debit or credit? inch I always tell them to do whichever is much better for them, and then I do debit so the retailer does not have to eat a 3rd party transactional fee. In most cases the employee behind the counter does not even realize that debit card transactions save the company money and they should suggest that method of payment if a customer has no choice.
A small business that accepts multiple kinds of credit card payment must factor in the cost associated with merchant service fees. If they do accept credit it is likely protected in the mark up and revenue margin for all the products they sell. Issue expense is not factored into the company plan a 3% fee on each transaction could be very costly to small business owners over time.