Accepting Credit, Debit Cards Can Pay Off For Hoof-Care Providers

But be sure you understand the process, requirements and fees before you get started

Electronic money transactions are growing and will continue to grow. Today, it is almost a necessity for any business to accept credit cards. Fewer people carry cash and checks seem to be gradually becoming obsolete.

Credit and debit cards have become the most common forms of payment. About 80% of all retail customers pay with credit and or debit cards. The majority of businesses worldwide (59%) now accept these cards because this option allows them to help more customers and improve cash flow.

Accepting debit and credit cards can be extremely advantageous for any business — including a hoof-care one. Some farriers hesitate to set up an account for accepting debit and credit cards because of cost factors. But the loss of sales and profits from not accepting these forms of payment may actually be far more costly.

People also tend to spend more money when paying with a credit card than when paying by cash or check. By accepting credit card payments, your increased revenue will compensate for more than the costs of accepting the payments.

Potential Benefits

Accepting credit and debit cards will:

  • Boost sales and improve customer satisfaction by allowing them to choose their preferred form of payment.
  • Increase your average sale because the customer doesn’t need to have the cash on them.
  • Protect you from potential losses caused by bad checks.
  • Allow you to accept payments from virtually anyone, anywhere.

But too many businesses jump into accepting credit and debit cards without really understanding the…

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Esco Buff

Esco Buff, CF, APF, is a farrier in Web­ster, N.Y., and holds a PhD in bus­iness administration. He is a member of the Interna­tional Horseshoeing Hall of Fame.

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