How You Let People Pay For Your Product Matters
Today, I wanted to talk about PayPal and credit card merchant fees, and a common mistake that I see new business owners making.
So every time a store gets a sale where the customer uses a credit card or PayPal, the store pays a small percentage of that sale to the credit card company or PayPal. A lot of brand new business owners don't realize that they're gonna have to pay these fees, so it really stinks when they see a little piece of their income being taken with each sale. I'll even see some of them decide not to accept those payment methods and just ask people to send them transfers, or to pay cash.
It doesn't matter how great your product is, the more hoops people have to jump through to buy from you, the more customers you'll lose. Not accepting those common payment methods is a major hurdle for a lot of customers who feel reassured shopping with small businesses when they have the convenience, and the protection, that comes with using a credit card or PayPal.
So my advice is to make sure that you take these fees into account when you're pricing your products. A product that is easy for people to buy is a product that's a lot easier to sell!