Whether you’re a small start-up preparing for a big product launch or a new Main Street retailer opening your doors, chances are you’ve given some thought to the payment structure and capabilities of your business. There are critical financial decisions to be made as you start out, ones that ultimately could affect sales and your bottom line.

When it comes to accepting credit cards, the subject can divide small business owners into two groups: those who see accepting credit cards as an asset and those who think they can afford to stay a cash-only business. If you are launching an eCommerce website, there is just no way around it – you’ll need a merchant account and payment gateway. But if you are starting a new business you may be grappling with the idea of accepting payments and wondering if you really need to or, more importantly, if you can afford to. Let’s take a minute and dispel three myths about credit card processing and merchant accounts.

 

1. I don’t need to accept credit cards. 

The first myth is the perception that customers will always have cash in hand and enough to foot the bill. But when was the last time you paid your grocery bill, ate at a restaurant or filled your gas tank using cash? For the majority of us, the convenience and cultural acceptance of using credit and debit cards has taken hold. So if your business doesn’t accept credit cards, you’re losing sales – and likely alienating customers who will never come back.

 

2. I can’t afford to accept credit cards. 

This myth lingers in the minds of many savvy business owners. The truth is that the fees and costs associated with processing credit card processing are far less than you might expect. Why? Fierce competition for your business from merchant providers drives down prices and keeps fees low. If you haven’t experienced this, perhaps it’s time we gave you a FREE rate review.

 

3. I won’t be able to accept credit cards. 

The third misconception has to do with you. Don’t assume your business type, credit history, location or start-up status prevents you from being approved for a merchant account. Many merchant providers – PowerPay included – will work with businesses that carry a high degree of risk. So talk to us before you apply.

Is your business located outside the continental United States? Or do you have international locations? Speak with your payment processing representative about international capabilities