Make it as easy as possible for your local Coeur d’ Alene business customers to give you their hard-earned money. As elementary as this marketing secret may be, many CDA retailers still shy away from convenient payment options for their Coeur d’ Alene customers usually because of the cost associated with providing these payment options.
But in today’s competitive Coeur d’ Alene retailing environment retailers must provide customers with as many payment options as possible, including cash, check, debit card, credit card, and often even consumer financing or leasing solutions. Eliminate just one and you are in effect reducing your potential market by a proportionate amount. One way to reduce the merchant rate for credit cards is to check with your local CDA chamber of commerce or other small-business associations in Coeur d’ Alene to inquire if they provide association members with reduced credit card merchant rates.
Often Coeur d’ Alene business associations like the CDA chamber of commerce negotiate lower merchant rates with banks and credit card companies based on the number of people who use the service. I have routinely heard members can reduce merchant rates by as much as three percent just by joining, and often these savings on credit card merchant rates alone can offset membership cost. Beyond increasing sales through providing CDA customers with convenient payment options you can also benefit by reducing the amount of cash on hand, thus reducing security concerns for staff and the potential for theft.