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06 28 2013

06 28 2013

Reports Find Small Businesses Lack Understanding of Payment Processing

A recent spate of surveys found that small business owners are hesitant to take credit card payments. In one poll conducted by Ipsos and Harris Interactive on behalf of a card processing firm, approximately 72 percent of small business owners prefer checks or cash over electronic payments. One reason why this may be true is that using cash and checks reduces costs for businesses, but short- and long-term consequences of these practices may lead to a drop in business.

The check and cash method is quickly becoming outdated: The same survey found 69 percent of Millennials prefer to use credit cards, and in fact exclusively shop at stores that accept credit or debit card payment

Even small e-commerce business owners struggle with payment processing. The ControlScan/TransFirst 2013 Mobile Payment Acceptance Survey found that 82 percent of small e-commerce merchants do not know where their payments are coming from – whether they are from websites or mobile devices.

If companies are struggling to understand or make headway with payment processing, they can always turn to National Funding. National Funding gives sound advice and can help with credit card processing for small businesses. These cost-saving measures can help companies modernize without overspending.

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