Business and training
Time to add credit card
readers to your business
Accepting credit cards is a business necessity these days, but do
you need to invest in a chip card terminal?
By Judy Kneiszel (extracted from Plumber magazine, US)
My 17-year-old son recently opened a cheque
account. He rolled his eyes and shook his head
“no” when the bank teller asked if he needed paper
cheques and a registry. Is he a frugal saver who
doesn’t plan to spend any of his earnings? No. He’s
going to spend electronically and via plastic. It’s a
fact of life that few people under the age of 25 write
cheques — for anything. Banking and spending is all
handled via debit card, credit card, online payment
services, direct deposit, and maybe an ATM for the
rare occasion young adults use cash.
This matters to you as a business owner, because
members of the paperless spending generation will soon
be, if they are not already, your customers. Sending out a
paper invoice and expecting a paper cheque in return will
no longer be standard operating procedure. You need to
accept credit- and debit cards to remain viable.
Everyone else is doing it
But, you say, isn’t taking charge cards risky and/
or expensive? Won’t I have to give up a percentage
of every sale to the credit card company? Yes, but
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