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Old 01-08-2008, 06:56 PM
 
Location: Maryland
1,667 posts, read 9,275,955 times
Reputation: 1651

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I'm 50, retired military, and working for someone else. I have a business plan which will realize $25K to $50K annually. However, the retail product will cost each customer about $500 - $750. Should I accept credit cards (a rarety in this area). I think it is low risk and good for business, but don't know if the extra expense on my part would be worth it. Small businesses generally don't accept credit cards. Why not?

Last edited by ESFP; 01-08-2008 at 07:16 PM.. Reason: Should this be under the "business" thread. If so, can you transfer it for me?
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Old 01-09-2008, 06:49 AM
 
Location: Pocono Mts.
9,480 posts, read 11,952,329 times
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Is this a product that you will market & sell on the internet? If so, you may want to consider accepting credit cards. Marketing and selling on the internet may turn you from a small business, into a big business, and every company I ever bought from on the internet got my sale with a debit card (I don't use credit cards).

Is the product something that other companies that are already established might be interested in manufacturing and selling for you? Many people get rich by just selling their ideas to companies that are already a household name.

Thanks for your service, good luck with your product!
Have you done trademark and patent research? Sell your idea to no one until you do.

Last edited by Yac; 01-22-2008 at 03:38 AM.. Reason: signature removed
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Old 01-09-2008, 08:11 AM
 
24,841 posts, read 36,787,169 times
Reputation: 11537
Quote:
Originally Posted by ESFP View Post
I'm 50, retired military, and working for someone else. I have a business plan which will realize $25K to $50K annually. However, the retail product will cost each customer about $500 - $750. Should I accept credit cards (a rarety in this area). I think it is low risk and good for business, but don't know if the extra expense on my part would be worth it. Small businesses generally don't accept credit cards. Why not?
We do not, it is expensive. I just had a call this summer. The man wanted the bottom price on a well. Then ask if I took credit cards, I explained it was too expensive.
He said "just charged more", then got mad at me when I told him, "why, so you can go someplace else because they are cheaper"?

We have taken the credit card checks, that worked well.

For the amount of money you are talking, they can get you cash from their card.
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Old 01-09-2008, 08:26 AM
 
2,377 posts, read 5,326,152 times
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ESFP... I took credit cards for years...the price and discount rate were not that bad...plus, I could sell to customers that I would have never given credit to .. however, this past year they raised my charges so high, that I cancelled it...and that was not easy to do...If you are not doing a high volume, it is not worth the expense IMO
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Old 01-09-2008, 09:20 AM
 
Location: Lexington, MA
250 posts, read 927,239 times
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Since when do small businesses not accept credit cards? If the product you're selling goes for $500 to $750 a pop, you'd better take credit, or you won't be moving much merchandise! You may get quite a few bad checks, though.
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Old 01-09-2008, 09:54 AM
 
24,841 posts, read 36,787,169 times
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Originally Posted by johnycakes View Post
Since when do small businesses not accept credit cards? If the product you're selling goes for $500 to $750 a pop, you'd better take credit, or you won't be moving much merchandise! You may get quite a few bad checks, though.
You likely will be seeing this more and more. Business are cutting back.
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Old 01-09-2008, 12:35 PM
 
Location: Baton Rouge, LA
1,357 posts, read 5,376,955 times
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Quote:
Originally Posted by ESFP View Post
I'm 50, retired military, and working for someone else. I have a business plan which will realize $25K to $50K annually. However, the retail product will cost each customer about $500 - $750. Should I accept credit cards (a rarety in this area). I think it is low risk and good for business, but don't know if the extra expense on my part would be worth it. Small businesses generally don't accept credit cards. Why not?
I would accept credit cards, because it's a convenience thing - I would not spend time on cash only businesses. As to any transaction fees....well, build that into the selling price of your product.
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Old 01-09-2008, 02:45 PM
 
24,841 posts, read 36,787,169 times
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Originally Posted by BRMan View Post
I would accept credit cards, because it's a convenience thing - I would not spend time on cash only businesses. As to any transaction fees....well, build that into the selling price of your product.
The volume of business is going to make a difference. $500/$750 is not going to be much of an impulse item. Now if they are selling one or two a week, taking credit card would not pay off. Eight to ten a week, it would.
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Old 01-10-2008, 08:13 AM
 
Location: Baton Rouge, LA
1,357 posts, read 5,376,955 times
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Quote:
Originally Posted by Driller1 View Post
The volume of business is going to make a difference. $500/$750 is not going to be much of an impulse item. Now if they are selling one or two a week, taking credit card would not pay off. Eight to ten a week, it would.
Sure. There comes a certain point you have to act like a big business. As in, having a Yellow Page ad, taking credit cards, and the like. My pet peeve is restaurants that take, say, Master Card but not Visa or Discover. Because that inconveniences me - I like using Discover exclusively when/where I can.
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Old 01-10-2008, 01:11 PM
 
24,841 posts, read 36,787,169 times
Reputation: 11537
Quote:
Originally Posted by BRMan View Post
Sure. There comes a certain point you have to act like a big business. As in, having a Yellow Page ad, taking credit cards, and the like. My pet peeve is restaurants that take, say, Master Card but not Visa or Discover. Because that inconveniences me - I like using Discover exclusively when/where I can.
I always due a million+. It is just high dollars sales. Most are financed, a lot is insurance work. Some for HUD. I spend about $4500 a year in phone book adds.
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