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Welcome to the “Know Your Numbers” series on Elaine’s Kitchen Table!
You often hear “know your numbers” as one of the most important aspects of being successful in business. But what numbers do you have to know? Our goal is to go over all the important numbers, and tell you why they are important, so that you can feel confident knowing your numbers. It’s not rocket science, and for small businesses it’s not even advanced accounting.
In this episode, we discuss “spending a little to make a lot”, specifically using Square as a credit card processing service.
Square is a lifesaver for me! When you sign up, you get a free little credit card swiper that plugs into the headphone jack of your iPhone, Android phone, iPad etc, and use it to accept credit card payments:
This is one example where some people are short-sighted and want to avoid all fees, so they only accept cash. Big mistake! Here is a chart from a recent sales weekend for my company, Easy Daysies:
Notice how over 75% of my sales came from credit card transactions, and in the end it only cost me 2% to accept the type of payments my customers wanted!
If you want to try Square for yourself, sign up for free through the link below and receive a free Square reader and free processing on up to $1,000 in credit card transactions to get you going!
(Please note, this is an “affiliate link”. I won’t be paid if you sign up for your free $1,000 in credit card processing, but I will get some free processing as well!)