The importance of ample and eclectic payment processing capabilities, such as mobile credit card processing and merchant credit card terminals, has become more and more apparent throughout the past few years. Intuit recently announced the results of its GoPayment survey, proving further that merchants without adequate payment processing capabilities often experience serious losses.
According to the survey, more than half of all small businesses in the United States do not accept credit cards, which amounts to roughly 15 million businesses. This, the company estimates, results in around $100 billion in lost sales each year for the small businesses in question. A more obscure finding from the company was that these businesses end up with cash flow problems.
“Getting paid in a timely manner can be a huge pain for small businesses,” Cynthia Okimoto, owner of New York Dog Nanny, explained in the company’s release. “It used to be that if clients didn’t have cash handy, they’d pay by check.”
The company notes that the ability to accept credit and debit cards alleviates this problem by an expedited influx of owed funds.Back To Blog