As business consultants we are consistently telling our clients that “CASH IS KING” and while it is, we’re not telling them that this is the only method of payment they should accept.
Think back to the last time you were in a check-out line at any store, restaurant, etc, how many of those people pulled out their wallets and used cash to make the payment? How much cash do you have in your possession right now? $5, $10, $20 or just a couple of dollars and some change? While accepting credit and/or debit cards have some fees associated with them they can be help with cash flow. In addition recent technology has streamlined the process and in some cases the fees.
A recent blog by Lendio, a company that helps match small businesses to funding options, told how several small businesses increased their cash flow by accepting credit/debit cards and provided additional information on processing technology. One thing in the blog that hit home was the statistic that in 2011 only 27% of POS sales were made with cash.
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