what are the benefits and risk in credit cards, checks,and cash when it come to being owner of shop.?
- 1 decade agoFavorite Answer
Do you mean benefits and risks in accepting these types of payment options in a business? The best is cash - it's real, it's quick, it's in your hands. Granted you have to watch with larger bills so that they are not fake, but it's pretty easy to determine real money these days. The worst is check. Unfortunately people can write you a check that bounces due to account closed, insufficient funds, etc. The check could be stolen, altered, etc. Your bank will charge you service fees, plus you won't have the money. Then you have to do all sorts of things to get your money back (possibly taking them to court). The middle-of-the-road is credit card. The advantage is it's quick and easy and most people need to use this method these days - however, there are fees involved for processing each transaction and possibly equipment rental and monthly/annual fees. A person could dispute a credit card charge, say that it was stolen, etc. even if you really sold them the item.
- 1 decade ago
I would suggest using checks and credit cards for transactions. Because, it's easy to prove the transaction, with cash it's easy for someone to rip you off and deny that you paid them. Basically you need a paper trail, in order to track the business performance. Excel spreadsheet is very useful. Best of luck