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By Jonathan Khumalo
More and more people are using credit cards instead of cash payments but is this the right move? Is the payment you receive secured in your account?
Not so fast. When someone pays you with a credit card they still have an option to raise a chargeback with the bank and withdraw their payment. A credit card chargeback is when a customer is not happy with his merchant's services and decides he wants a refund. So he calls the bank and tells them to issue a chargeback on his card and refund his payment. The bank will collect the relevant information on his case and is able to immediately issue a refund. This can be a huge nuisance and risk to businesses who are counting on those funds to pay their bills.
If you insist on customers paying you with the cash (when possible) you can have the money on hand to pay your bills and there is no way for the money to be taken out of your account without your involvement and ability to respond to customers' claims.
While the chargeback process does provide protection for the merchant as well as the customer, often this process can be raising a chargeback and responding to a chargeback can be an arduous one. For more about this: How chargebacks work.
An additional concern is that due to the fact that a customer dispute is not a legal case, the merchant and the customer are left at the mercy of the credit card companies themselves. Not only that, but there are professional services that assist individuals in raising and fighting chargebacks. Here is one of the more reputable ones: Chargeback assistance company.
Another big issue with Credit card companies is that you have to have adequate technology in place to use their services.You will have to rent or buy the point of sale devices to process the payments and pay for the upkeep of your credit card machines.
There are also numerous charges that you will have to make every time a customer makes a payment using a credit card. For every transaction that goes through most credit card companies may charge a standard fee and plus a small percentage of the total transaction.
With all the fees the credit card companies charge it might even mean adjusting your business model if your profit margins are too small.
Paying with cash circumvents all of these issues. The technology that you need in place to accept the payments is far cheaper in the long run and there are no hidden fees involved. If you are looking for simplicity in your business then cash may be the answer. Cash is not going away any time in the foreseeable future and it is the basis of all businesses and economies.
If you’re dealing with cash make sure you’re prepared. A reliable cash counter can make all the difference, from valuable time saved, accurate accounting and counterfeit protection, it’s of utmost importance that you have the right equipment and you purchase it from a reliable source. For the finest selection of what the Cash technology industry has to offer Cash Counter Tech Page.