Credit Card Only Policy Sets New Tone for Small Businesses

September 14, 2009
By: Joe Taylor

Diners at a Manhattan eatery have expressed shock when waitstaff refuse to accept payment in cash. Greenwich Village restaurant Commerce, recently profiled in the Wall Street Journal, accepts credit cards only. The establishment's owner told reporters that adopting the plastic-only policy has cut down his accounting expenses while improving security. Despite the potential inconvenience--most New York residents anticipate cash-only dining experiences--Commerce's staff has received mostly compliments on their expense-report friendly stance.

Though not every merchant can afford to go totally cashless, credit card issuers and payment platforms continue to evangelize the benefits for small businesses that accept plastic. Visa recently launched its "Go Biz" marketing campaign, designed to drive traffic to a website where small business owners share success stories about accepting credit cards. American Express offers its own small business network, OPEN, where marketing gurus dispense advice about managing cash flow and attracting new customers. Industry analysts note that discussion about small business credit card acceptance has helped widen the practice, which was once regarded as prohibitively expensive for mom and pop stores.

Important Note! The information in this article is believed to be accurate as of the date it was written. Please keep in mind that credit card offers change frequently. Therefore, we can not guarantee the accuracy of the information in this article. Please verify all terms and conditions of any credit card prior to applying.