I have a couple of fairs and a farmers market who want me to sell at them. They both have asked if i am set up to take debit/credit cards. I am not and never have been. My question is do any of you and if you do what are the pitfalls to avoid. Is it worth it?
I don't and the reason is because most of my sells are not large amounts at farmers markets. In order to get set up you will have to buy a card reader and wireless, which last time I checked, ran about 800 bucks. You then also have to pay for the service plus 3% or a bit more on every sale. If you were selling jewelry or other items that ran up or close to a hundred bucks or so then it may be worth it. But for 5-10 buck sales it is going to take awhile to re-coop your initial outlay. Maybe someone who actually does use a reader will respond and list the benefits of having it. I personally have lost maybe 5 sales last year out of thousands. Most people have cash in smaller amounts or at least can write a check.
Many years ago I took cards. Not anymore. Another charge they forget to inform you of is if you dont use the thing during a month they still charge a fee just for having it. The initial cost of setup is down now to around 300 or so if you shop and the amount they take is usually less than 2% per sale but it also depends on the average sale dollar amount. There are some companies out there that lease the equipment but charge like 50 bucks a month. I was recently told that fewer people are using cards lately. I would rather lose an occasional sale but I found that when a person asks if you take credit cards and you say no they then pay in cash anyway.
We accept credit cards mainly for a different business, it costs us $35 per month plus about 2% plus I think $.20 per transaction. We still use a knuckle buster and hand enter the numbers after the show this means that we can't check to see if the card is good at the time of the sale. If you decide to sell on line or mail order I would go with the CC if you are only doing farmers markets and such I think that you will be money ahead to not get into the credit card stuff. If you do decide to take cards shop around the difference in how much you will pay is huge.
We have been taking credit cards for over a year now and we have increased our sales by about 200%. It is a FACT that people buy more when using a card and we have seen it first hand many times. People say "oh, I wish I had cash". We say we accept credit cards and there is the sale. AND it is easier to up sell them.
The cheapest and best place is merchant made easy. Call them and talk with a guy named Tony. Tell him sweet as can bee honey farm sent you. He will help you out.
Machine is very reasonable and yes, it will pay off in more ways then one!
$375 for machine.... wireless, you own it. They give you all supplies needed. Need more paper.... you call them and send it free.
1.11% debit .19 per tran
1.64% credit cards and .19 per tran
$7.95 statement fee
$15 a month for wireless fee.
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