“This week’s Ask Manny question comes from Brandon.”

Question:

Should I accept credit cards for payment? It’s expensive!  

Answer:

Yes! Sure, merchant processing fees can be a bit costly. But you know what’s even more costly? Not getting paid at all! We know that statistically, the longer an invoice goes unpaid, the higher the risk for it to default. That’s horrible for you! You put in all that hard work to fulfill your promise, so don’t get stiffed on the payment you deserve.

Offering your customers to pay by credit card significantly reduces the barrier to them remitting payment to you. Sometimes people don’t have cash in their bank account at the time of payment. But often they will have credit available via a credit card. Allow them to use this means to expedite payment to you.

Here’s a bonus if you also have a credit card balance yourself: Getting cash from your customer quicker will also allow you to pay down your own credit card debt quicker. The merchant fees you pay are undoubtedly much less than the interest rate you are getting charged by your credit card company. Pay the merchant fee so you can reduce the higher credit card fee. That’s the smart financial thing to do.

If you found this tip helpful then you should check out my video titled “Strengthen Your Sales Contracts“, where I dive into all sorts of tips and tricks to help you get paid faster from your customers. Access this video course on our eCourse library (along with lots of other helpful videos)

And as always, if you need more tailored assistance, please reach out to us, and schedule a free consultation. We would love to help you get paid faster!

  • Unlock Valuable Learning: Learn how to manage your finances like a pro with our Free eCourse Library. Topics like “QuickBooks Crash Course” and “How To Price Your Services” are available on-demand.  Check it out!
  • Join Us Live: Connect with our financial experts at one of our upcoming live webinars, and ask all the questions you need answers to. Here’s our current schedule.
  • Become A Client: Whether you need bookkeeping assistance or strategic guidance from a CFO, we’ve got your back!  We have several different solution options that are sure to match your budget. Schedule a free consultation here.