Although there are several pros of processing electronic payments, some drawbacks exist. These affect your pricing strategy and checkout process. Before deploying new payment methods, consider ways to address these challenges:
- Cash flow management. Unlike cash payments, there's a delay when waiting for payouts from credit card processing. It can take time for an all-cash business to adjust to the cadence.
- Difficulties with software and integrations. Ideally, your payment processing, accounting, POS, and other business-critical tools sync. But getting to this point may require professional assistance, especially if you're strapped for time.
- High processing fees. Processing rates skim a portion of every credit card sale before it hits your account. This can impact your bottom line until you develop a successful pricing and sales strategy.
No comments:
Post a Comment