Not Accepting Plastic Costs Small Businesses $100 Billion a Year
The acceptance of credit cards could enable small U.S. businesses to earn an estimated $100 billion in additional yearly sales, according to an Intuit survey of 1,000 small business owners. Intuit found that 55 percent of the U.S.’s 27 million small businesses do not accept credit cards, which amounts to about $7,000 in sales revenue lost annually for each business. This also leads to substantial cash-flow difficulties as small businesses wait for a monthly average of $5,140 in overdue payments. Intuit says on-the-spot credit card acceptance helps mitigate the cash-flow problem, and small businesses that take plastic buy accepting credit cards generate more sales and get paid faster than those that do not. Eighty-three percent of businesses that accept credit cards make more sales, with 52 percent of survey respondents making a minimum of $1,000 more per month and 18 percent making at least $20,000 more per month. In addition, about 75 percent of respondents said they get paid quicker and reduce bad debt by accepting credit cards.
From “How America’s Small Businesses Could Make an Extra $100 Billion a Year”
According to a recently released Intuit GoPayment survey, 55% of the nation’s 27 million small businesses do not accept credit cards.
Intuit estimates that each business that does not accept plastic misses out on approximately $7,000 in sales annually, equating to approximately more than $100 billion in collective lost revenue. This missed opportunity represents a combination of new sales and sales that go to other businesses that accept credit cards.
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- Survey Says Small Businesses Not Accepting Cards Miss Out on $100 Billion Per Year
According to a recently released Intuit GoPayment survey, 55% of the nation?s 27 million small businesses do not accept credit cards. Intuit estimates that each business that does not accept plastic misses out on approximately $7,000 in sales annually, equating to approximately more than $100 billion in collective lost revenue. This missed opportunity represents a combination of new sales and sales that go to other businesses that accept credit cards.
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