If you own a small business and you haven't started accepting credit cards yet, it's time to make a change. You might not realize this but failing to accept credit cards could be causing you problems you hadn't even thought of. Before you pass up the opportunity to begin accepting credit cards, take a look at all the benefits you miss out on by running a cash-only business: 

Reduce Risks

If you don't accept credit cards at your place of business, you may be putting yourself at risk. Conducting a cash-only business can increase your risk in a couple of ways. First, once people know that you only accept cash, your risk for robbery goes up. That's because criminals know that you probably have large reserves of cash on hand. Second, when run a cash-only business, you're at a bigger risk for issues involving counterfeit bills. Unfortunately, if you accept counterfeit bills, you won't get reimbursed by the bank. Instead, you'll just lose out on that money. You can reduce those risks by accepting credit cards. 

Generate Business

In this day and age, most people use credit cards and debit cards for all their transactions. If you're running a cash-only business, you could be losing out on customers. That's because most people will take their business elsewhere when they find out that they're in a cash-only establishment. You can improve your sales and bring in more customers by switching from a cash-only business. 

Go Mobile

If you own a small business, you need to take advantage of any advertising opportunities you can find. One way to do that is to get involved in community ventures. Many communities have craft sales and other opportunities that allow small businesses to display their services. If your business accepts credit cards, you can take advantage of those opportunities. This is particularly beneficial for businesses that sell handcrafted items. 

Improve Record Keeping

If you run a cash-only business, tax time may be particularly stressful. That's because it's difficult to keep track of cash-only sales. Not only that but cash-only businesses are at an increased risk for IRS tax audits. One of the benefits of accepting credit cards is that it improves your record-keeping ability and provides a paper trail for all your business transactions. Once you begin taking credit cards, you'll be able to keep track of each sale you process, which will make tax time much less stressful.

Reach out to your local financial institution today for more information about credit card processing for small businesses.