If you are a long time Flagstaff resident, you may remember the outrage that came about when Sam’s Club opened their gas station. In case you didn’t live here or don’t remember, people were furious that the gas station didn’t accept cash, asking “why would not you take my payment?!”. When Arizona Tech Advisors first opened the only company willing to give us a credit card was American Express, and as that is one of the “higher rate” cards we find ourselves asking the same question, why do people refuse money?
Higher rate is in quotes above because that statement is not realistic and it’s costing you customers. While this article leans towards American Express, we won’t go without mentioning that Discover feels the pain too. “As a business, again the question is would people not shop at your business if you didn’t take AMEX? AMEX has a significant corporate card base for whom it can be inconvenient to use other cards. I’ve worked for companies where if I used the corporate AMEX, all I had to do was login to our expense portal, review purchases and hit submit. If I used another card, I’d have to submit receipts manually. It was a pain. It’s something that I’d prefer not to do.” – Rakesh Agrawal, CEO, reDesign mobile
Employees of Arizona Tech Advisors have noticed this at restaurants, signing companies, storage unit facilities, etc. All of these businesses have a large base of business customers, yet they’re not accepting a card that so many companies use as their corporate card. So what should you do? The first thing you should do is call your current merchant services representative and ask for the pricing to accept all cards; you would be surprised at the amount the rates have come down recently. If that doesn’t work, go to Square’s website and look at what they have to offer. 2.75% processing for ALL cards along with EMV chip cards, Apple Pay, Android Pay, and other contactless payments.
If you like the sound of Square but setting it up makes you nervous, give us a call at 928.526.3150 or email us at email@example.com
If you are a business owner, what made you choose what cards to accept? Even if you accept all cards, we would love to hear the perspective from fellow business owners!
** While we do use Square for some of our credit card processing, we are not partners or affiliated with Square, Inc.**