2020. If there’s one good thing that’s come out of this crazy year, it’s that businesses have been forced to get online.
If this whole accepting-payments-online-thing is new for you, it may be tempting to pass on those merchant processing fees to your customers. What a great way to save money during a global crisis! Right?
Yeah…nope. No one likes to be nickeled and dimed–they especially don’t like to be penny’ed. That’s what it feels like to your customers when you charge them those 2% transaction fees. Charging your customers for the privilege of using a technologically current payment method will erode goodwill at best, and lose you business at worst.
So the solution: don’t accept online payments!
Yeah…definitely don’t do that either. The last thing you need to do is make it harder for people to pay you, especially in a time when no one wants to hand you money face-to-face.
The cost of customer acquisition is going to be different for every business, but I can promise you this: for any business, that cost is higher than a 2% transaction fee. So just be cool. Don’t nickel and dime your customers. You can afford to pay the processing fees…and you can’t afford not to.