The Money Mustache Community
Learning, Sharing, and Teaching => Entrepreneurship => Topic started by: geekette on March 04, 2019, 08:55:04 AM
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This is not real entrepreneurship, but a one off opportunity to sell stuff I like to make to a small group of people who would use them (knitting bags to knitters at a knitting retreat).
One evening of the weekend they're having a "market" where participants and instructors can sell. I've been approved to sell. Yay. Then I thought about accepting credit cards, taxes, and reporting income. Bleah.
Should I just accept cash? I'm only anticipating about $200, if I'm lucky (50 people, multiple bag sellers). Previously, I'd only "sold" knitting bags to a local yarn store in exchange for store credit, which got old.
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Just accept cash for the time being. If this turns into a regular event, then it's time to think about accepting various other forms of payment.
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Acccept cash
and;
keep track of how many sales you loose by not accepting credit cards
then see: https://www.centurybizsolutions.net/business-tips/6-ways-to-get-the-cheapest-credit-card-processing-for-small-business/
and https://www.appsterhq.com/blog/mobile-payment-apps/
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Paypal is really easy to setup to accept credit cards. Also works for selling on Ebay and Etsy.
Good luck
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Depends who you're selling to, but I've had zero issues not accepting credit cards--I advertise cash, Paypal, and Venmo, and I think I've had one person in four years not be able to buy what she wanted (and the issue wasn't electronic payments, it was apple vs android platforms)
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I would get a square plug in for your phone/tablet. Last I checked they were free and easy to set up and use (no monthly fees, etc).
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Sales tend to be larger when put on a credit card. Human nature, there are stats out there saying that the average sale is larger when put on a credit card. It is really easy to setup. Spend 5 minutes at your local gas station and see how many people don't carry cash.
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I would get a square plug in for your phone/tablet. Last I checked they were free and easy to set up and use (no monthly fees, etc).
Second the square plug
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I wouldn’t do square for a one off event, especially if you aren’t planning to report the income. But PayPal/Venmo/ cash app would do nicely! Make sure you have that info on a nice legible sign or two!