Will that be paper or plastic? What kind of payments should you accept in your Paparazzi Accessories business?
Listen Now or Download:
Listen now or download this week’s episode to listen later here:
Training:
One of the first things you want to look at as you start your Paparazzi Accessories business is how people are going to be able to pay you. Here are the 3 most popular payment methods outlined and what you need to consider with each.
CASH:
Cash is my personal favorite form of payment. It is quick, easy and there is not doubt that it is going to be accepted! One thing you DO have to be prepared for when taking cash is having change. I like to have 1-$10 bill, 10 – 1’s, and then 8- 5’s. A grand total of about $60. I rarely run out of change with this amount in my pocket.
CREDIT / DEBIT cards:
It is a PROVEN fact that if you take credit cards, shoppers will spend more! Have you ever gotten to a party or a store with only $15 and the thing you fall in LOVE with is $25? You just HAVE to have it but don’t want to run to the ATM? I think taking credit cards is completely worth the small fee that you have to pay in order to still get your customers what they want/need and increase spending at your parties and events.
How Can you Take Credit Cards?
To take a credit card, you will need a smart phone or a tablet or ipad with internet access. There are 2 companies that make it REALLY easy to accept credit cards. Let’s look at both.
Square: Order reader for free online. Pay 2.75% per swipe for Visa, MasterCard, Discover, and American Express. No monthly fees, no commitments. Daily deposits into your bank account. Manually enter card information and pay 3.5% + 15¢ per transaction.
Paypal: Order reader for free online. Pay 2.75% per swipe for Visa, MasterCard, Discover and American Express (US cards only). No monthly fees, no commitments. Deposits into your bank account upon request (takes 3-5 days). Debit card for funds available with immediate access and 1% cash back on all purchases with Debit Card. Keyed in cards have a fee of 3.5% + $0.15.
It is totally up to you which you want to use. I personally prefer Paypal because I can ship out products to my customers that are far away and get a discount on shipping through them (that is a totally different call topic!) Both are really comparable and many Paparazzi Accessories Consultants use both. I just recommend choosing one so that you can take credit cards at your parties or events.
CHECKS:
This payment method is TOTALLY up to you. Personally, I don’t take checks at all. With cash and credit, you have your money up front. With a check, you are trusting that the customer will have enough money in their bank when you go to cash it. And if they don’t, you get a $25 return check fee! And, checks can be returned up to 4 weeks later. To me, the risk is too high. That being said, if you want to trust your great-aunt Sally with her check, it is totally up to you!
Printable Resource:
Credit Cards Accepted Here Printable Sign
Show Challenge:
Print out the Credit Cards Accepted Sign (link above) on card stock and laminate if possible. Get it ready to use at your next party or show!