010: The Pros and Cons of Accepting Card Payments at Your Wedding Venue

The Pros and Cons of Accepting Card Payments at Your Wedding Venue

PROS:

Fast way to get payment

Universally recognized form of payment (Kinsey tells her couples it’s like buying something on Amazon...everyone understands this).

Minimizes late payments considerably (If you have Honeybook, you can set up automatic withdrawals. In Dubsado, you can send automated payment reminders

Minimize administrative tasks (waiting for checks to arrive, going to the bank to deposit or mobile deposits, don’t have to file paper checks away, hoping the check clears, following up if it doesn’t, etc.) 

Easier to project cash flow each month

CONS: 

Clients can perform “Chargebacks” on their cards which is them “stopping payment” and being refunded what they paid you. This isn’t common but can totally happen. It’s the exception, not the rule. 

Processing Fees: cost of doing business in the 21st century folks, build credit card fees into your revenue plan! Make it easy for people to pay you. Kinsey paid $3,400 in credit card fees in 2019 

Profit First by Mike Michalowicz