There are many ways to lose money. In all likelihood, it’s not something you’d want to think about. You have fraud, theft, employee turnover, benefits, loss or damage of inventory, account fees, fraudulent checks, fake cash, etc. As a small business owner, making money is a likely a top priority for you and so none of the previous things mentioned above are ones that you want to contemplate. Is it possible though that you can prevent some of these business losses?
Before finding ways to prevent losses, you must know what losses are applicable to your business. If you are someone who doesn’t accept checks, you may not concern yourself with fraudulent checks. But you may also have to face the reality that some of your clients/customers prefer to pay by means of checks and as a result, you may not retain their business. Many business owners who only accept cash have a few losses faced, but some they may not be aware of. According to creditcards.com, nearly 79% of Americans who pay with credit cards consider themselves impulse buyers. If you don’t accept credit card payments, you’re losing at least $5400 per year from those impulse buyers according to www.cnbc.com
Some of the losses your business faces are out of your control. You cannot control employee turnover, loss of inventory or theft. But to a degree, you CAN control what you pay to process transactions. You also can control how much money you DON’T lose by accepting multiple payment options. As a result, you won’t lose money that you would’ve gained from Impulse buyers. You also avoid the loss of money you would gain when you have to leave to make your bank deposits. When you use the POS services found on Cloudswipe, you will simply avoid ALL of those losses.
So how exactly will using the services found on Cloudswipe help you prevent losing money? One way is by limiting the amount of times you visit the bank to make a deposit. A small convenience store owner will only want to keep up to a certain amount of funds in the store at all times. Any money in excess of this predetermined amount presents the risk of loss by theft. However, in order to prevent this loss, the store must be closed so that business owner can visit their bank for the deposit. With the POS services provided through Cloudswipe, you can accept card payments. According to the Federal Reserve Bank Of San Francisco, as of 2018 only 32% of US transactions are made in cash. In the same scenario, that convenience store owner will only have to make deposits 32% of the time, cutting his potential losses by 68 percent.
How about some of the other things? Bad checks will be a thing of the past as well. When limited to cash and checks, consumers who really want or need a service will write a check knowing they may not have the funds, but assumes that by the time you deposit the check, they will have the necessary funds to cover it. However, when the check is returned, the business owner is often the one charged for the bad check by their bank. Accepting credit/debit card payments allows you to collect the funds immediately and avoid waiting for checks to clear. Additionally, the POS system at Cloudswipe doesn’t require hardware. Henceforth you won’t have to concern yourself with faulty card stations or broken chip readers. Everything is keyed in manually and saved.
Losses into Gains
Avoiding losses now becomes a gain. One of the best ways to make more money, is to reduce the amount of money you spend or lose. One way most people do this is by budgeting and seeing what they don’t need or use. With small businesses it’s the same method, however, it may require spending more to gain more. Paying for POS processors can seem like a loss of short term money, but in the long turn, you retain more clients. You also attract those impulse buyers which again make up 79% of Americans. You will likely have less cash on hand and as a result will make fewer trips the bank. This will allow you to devote more time to other more important matters. And finally, your clients who have monthly subscriptions with you can go online to the portal and update their card information as it changes. In essence, this allows you to avoid interruption in payment and avoid another loss.
As you can see, there are many ways to lose money. Hopefully, you focused on the many ways to avoid losses as a small business owner and now have an understanding on how avoiding those losses can lead to big gains. Give Cloudswipe a peek and see how they can help you avoid loss and gain more.