I am opening a really small womans boutique. I do want to get a credit card machine. But if I start out opening my business with just cash for about a month, should I expect a loss in profit?
I suggest you get the credit card machine as soon as possible.
Personally I tend to carry very little cash and don't like writing checks. I literally put everything I can on my credit card each month, and then just pay it off when the bill comes in.
Since the majority of businesses accept credit cards now, I sometimes go weeks without having a dollar in cash on me. I just don't often need it and prefer not to have to carry it.
It's a good idea for business purposes . Business need to be as flexible as possible . further more it is a good idea to have credit card machine for security purposes too . If you don't have cash on the premises the less likely you will be robbed .also it is proof that the customer actually purchased the items from your store or the person
Yes. Most customers, especially women (who are more afraid of muggers than men are), do not carry enough cash to make purchases in a boutique. If you do have any customers while you are cash-only, you should also expect to be robbed at gunpoint, because you will have so much cash on the premises.
I think its a good idea since 80% of new businesses have declared bankruptcy in the past year.
Remember - we are in a recession.
Savings rate last month jumped to over 3% - the biggest jump in 25 years.
*Make sure you keep the prices low - keep an eye on competitors such as target and walmart*
/
In this economy, a credit card machine is a must. Sometimes you have to adjust your prices to cushion the usage fee you will incur from the credit card processor. You shouldn't anticipate any profit when you first open doors, be happy with breaking even.
It's very important to your cash flow.
Assuming you have an internet collection and computer at your location, PayPal offers Point of Sale services for around $30 a month...so you don't have to buy expensive machines to process charges.
Yes - if you are serious about making this work, you will need a credit card machine. A lot of people pay with debit cards. Good luck.