No credit … cash only! (Otherwise known as “Swipe Fees Part 2”) …
Here’s more on how “swipe fees” can really add up for a business, and how many companies (like high end restaurants) simply won’t take plastic anymore …
Note also how some of those fees can end up costing more for companies than health insurance, and you can see the importance of knowing all of your numbers, all of the time.
However …
Before you go and cancel out all of your merchant agreements with the credit card companies, you should also take into account the opportunity costs of your customers NOT having the ability to pay with plastic.
For some businesses, it might make sense to raise prices to cover the cost of the fees, instead of taking away from customers the ability to stretch their purchasing power literally at the point of purchase.
Again, your decisions should be based on your numbers AND the growth potential of your current business, customer base and resources.
It’s always better to find ways to grow your top line and bottom line versus cutting expenses.
So while it might make sense for certain companies to see how “swipe fees” may or may not be impacting their profits, it also makes sense to see how a few percentage points of growth in some key drivers in your business can make more difference than saving those points on the expense side.
And you can see for yourself how that can work for you and your business at this link right here …
Jodie Shaw
Tags: ActionCOACH, profits, swipe fees, U.S. and Canada CEO Jodie Shaw
ActionCoaching | Jodie Shaw | 
August 24, 2010 11:40 pm
