Cash or Card: Which Is Best for Your Business?

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Many small businesses start as cash-only to avoid card machine transaction fees. But offering different ways to pay could get you more customers and increase your sales.

4 reasons to accept card payments:

Keep your customers

• People prefer paying by card to avoid the risk of carrying cash and the time and effort of withdrawing money at an ATM
• If a business doesn’t accept cards, especially for tech-savvy younger customers, they’re more likely to move on to a business that does
• Only accepting cash gives your competitors who accept cards an advantage

Your customers spend more

• Generally, customers tend to spend more when paying by card
• Cash-only limits your customer to what they have in their pockets
• When you make it easier for customers to pay, they will likely spend more

It’s convenient – for business owners, too

• Card payments are quick and easy for a smooth customer experience – think of the difference between tapping a card and counting change
• No manual record of sales. It’s automatic
• Keep your cash flow running smoothly. With our card machines, the money is in your account the next day, even on weekends and public holidays

It’s affordable, safer and more efficient

• Cash deposit fees can be expensive. Some card machines have a low once-off cost, no minimum monthly commission and no hidden costs.
• Save time and travel expenses of going to deposit cash at the bank
• Less risk of having your total revenue in cash stolen

Capitec

Disclaimer: This article is solely intended for information. It does not constitute financial, tax or investment advice or recommendation. Please speak to a financial advisor or registered financial professional before making any financial decision(s).