US Bankcard Services Industry Blog

Monday, July 5, 2010

Card or Cash??

Merchants who have been traditionally "cash only" always worry about the big “Switch” to credit card processing. And, of course, cost is obviously another main concern. There are ways to keep those costs down but cost will exist. What I hear a lot is – “I never get charged for taking cash!” This tells me I’m speaking with person who has been exposed to the business world for a while, by disclosing their emotional attachment to the idea of “Cash came first”. The way I see it, the entire scope of electronic payments; credit cards, debit cards, RF (radio frequency), is a far better choice. It provides more security since there are no more runs to the bank ”. It also provides the additional business analysis and its detailed reconciling from the available reporting offers tremendous insight to the nature of the business itself.