Cash or Credit? How about Trade?

There were many unexpected occurrences during the height of the Coronavirus Pandemic. One of which may or may not have been expected was the decline of cash payments and coincidentally a coin shortage due to fears of increased transmission risk. Because of this, many people, including businesses, turned to credit cards to get by. Many businesses are still relying heavily on said credit cards.

According to the Wall Street Journal, Mastercard reported that in-person contactless payments increased by at least 10% in 80 markets this past year. This shift in using credit cards more often has shown that 43% of Americans admitted they thought less about the actual price of what they were spending when paying with their card.

This may seem great when we think about customers buying YOUR product - they are spending more money - that means more profit to you.

But, are you guilty of the same thing?

If you are or worried you are, consider an alternative payment system that not only keeps your business afloat and thriving but also doesn’t stick you with ridiculous rates and fees.

Let's talk about credit card rates for a minute.

Did you know that traditional credit cards charge you an average of 21.26% APR interest to use a line of credit. Unlike a credit card company, IMS sells your unsold product or service and charges a small commission (7%) when we sell or when you buy something through the network.

Factor in these costs when you are determining your cost of goods.

You are in control about how much you want to sell through IMS. Only sell those items or services that have the highest profit margins, and really look at how you plan on reinvesting these sales to save cash, increase your gross annual sales, attract new customers, or enhance your lifestyle.

Keep an eye on your cash, keep that credit card only for emergencies, and talk to your IMS broker today.