This week, Nerd Wallet conducted a cost-benefit analysis of expanding enterprises to include payment card processing systems. While few industries rely on cash-only models of doing business in 2015, some holdouts may not be sold on the benefit of accepting card payments. 

Some of the benefits included broader reach to new customer bases, ease and convenience, reduced trips to banks to make cash deposits and streamlined accounting. Emily Starbuck Crone also noted that in competitive industries, giving customers the option to pay with their cards can help businesses gain an advantage. She cited a vendor at a farmer's market as an example: In the past, these have been largely cash-based enterprises, but some customers might not have the physical currency to make a purchase. Card processing systems give customers the option to shop as they would in a supermarket. 

However, it's important for decision makers to weigh the pros and cons of specific merchant account providers based on costs and the extent of service. The temptation to leap at the most inexpensive solution may not yield the best long-term results. 

"A plethora of credit card processors are available in all shapes and sizes, and trying to determine the best option for your business can be overwhelming," writes Crone. "Rather than defaulting to the provider with the lowest credit card processing fees, it's worth taking the time to thoroughly compare all fees and features of a few options so you can properly evaluate providers."

At Vantage, we specialize in implementing and maintaining a host of payment processing platforms and technologies for companies in a multitude of industries and markets. If you'd like to expand your customers' options for buying products and services, contact us today for a consultation.