Monday, November 23, 2015

Enterprises TV Reviews Why Cash is King on Small Business Saturday

Saturday, November 28 is designated as Small Business Saturday in the United States. This is traditionally the day when Americans are urged to shop locally and support small business owners. Enterprises TV reminds readers why cash is king on this day.

America’s commercial backbone is held up by the millions of small businesses which support it. Many mom-and-pop shops offer original items to purchase. Most small shops will accept credit card payments, however, there are some that do not take American Express. Plus, there are the standard credit card processing fees that card associations (Visa, MasterCard, American Express) charge, bank card processing fees and other charges that incur when a merchant accepts a card. These are a few reasons why some merchants prefer customers pay in cash.

Customers, on the other hand, may want to pay in cash themselves. One of the strongest reasons for this is to avoid hefty credit card balances later and the interest charges that are attached. It is also easier to manage holiday gift budgets. The National Retail Federation estimates that consumers will spend around $800 for holiday gifts, and a study found that cash or debit card use will be the top forms of payment for most people this year. The Enterprises TV show notes that it is often easier and less risky to use cash or a debit card at locally-owned businesses. Big Box companies have experienced and are experiencing breaches of their databases. Whichever method of payment one chooses to use, we urge readers to support local shops, eateries, galleries and holiday events. These are your neighbors and friends.