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1st Steps To A Merchant Account
According to "Jumping Through the Merchant Account Hoops" by Khera Communications, the average credit card transaction is $40, compared to just $9 for cash sales. So, by not accepting credit cards you put yourself at a huge business disadvantage compared to your competition.
It may also surprise you to learn that credit card transactions can cost your business less in transaction charges. A case study by Coopers & Lybrand found that it costs, on average, 2.7% to process a credit card transaction as compared to 4.8% for cash and 4.0% for checks. The reason for this perhaps surprising statistic is that cash and cheques require more handling by financial institution staff whereas credit cards tend to be...
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