SmartPulse — our weekly nonscientific reader poll in SmartBrief on Small Business — tracks feedback from small-business owners. We run the poll question each Thursday in our e-newsletter.
Two weeks ago, we asked: Some banks have announced fees for debit card transactions on purchases. While the focus seems to be on individual versus business accounts, how do you think the change will affect your business?
- Not at all; we don’t accept debit cards: 33.74%
- Almost none; debit cards are not a typical payment method for our customers: 22.7%
- A little; customers will probably shift purchases to credit cards or use cash: 22.7%
- A lot; this could have a negative impact on our revenue: 20.86%
This almost-even distribution would signal that the method a customer uses to pay for purchases is a sensitive issue. And for business owners, making sure customers have lots of payment options is important to a company’s financial health. It might be beneficial to understand how your company’s biggest and most frequent customers plan to pay for purchases so you are well-positioned to adapt to trends and market conditions.
Sharlyn Lauby is the HR Bartender and president of ITM Group.