One of my favorite mobile businesses in the world are food trucks. They’re becoming more and more popular and are having a wider variety of food. One of the problems that I always had when going to a food truck event was being able to pay for the food. They would always be cash only, and let’s face it, not many people carry a lot of cash with them. So there would be many times I wouldn’t have cash on me and I’d have to go hunting for a rare food truck that took cards. I always wondered how much money these food trucks were missing out on because they didn’t have the ability to accept credit cards.
One of the reasons they didn’t take credit cards is because they just didn’t know of a way to take them in a food truck. Technology has come a long way and taking credit cards these days is as easy as plugging in your phone and downloading an app. There are several companies out there like Sumup that offer a card reader to take credit cards and an app to download for apple or android phones. It’s easy to start taking credit cards once you’ve got everything setup.
How do I get paid?
So you may be asking yourself, “when does the money show up in my account?”. The answer to that varies from company to company. It’s usually between 1 to 2 days before you receive it directly into your account. Obviously the faster the better so it would be a good idea to do your research before you pick the company to go with.
Ok, great. But how much is it going to cost me?
So now to the important part. How much is this going to cut into your profit. This is also something that varies from company to company but they are usually pretty close. They’re usually a little under 3% of the transaction with some change on top of it which can vary from 15 to 30 cents per transaction depending on the company. If you have smaller transactions then finding a low transaction fee is going to be a priority. 15 cents per transaction is going to save you a lot of money over time even if the percent per transaction may be slightly hirer. You have to do the math yourself to see what your priority is going to be.
That’s it. There’s just a small upfront investment for the card reader that attaches to your phone, usually $50-$100, create an account, and download an app. It’s as simple as 1, 2, 3. It’s not rocket science and it will allow you to do business in the 21st century. There’s no reason to not take credit cards when it’s so easy and it will allow you to tap into so much more money and get you to stop missing out on customers that don’t carry cash. And no, you don’t just have to be a food truck business. This would work for any business that has transactions. Even if you have a store, you can still use a mobile card reader to take payments. Why? Because it’s a lot easier than setting up one of those old-fashioned credit card readers that go over the phone lines and it could be cheaper too. Remember, the less time you have to worry about the technology, the more time you have to make money. So do yourself a favor and start taking credit cards today.