September 28, 2016

Anita Campbell - CEO


Anita Campbell Anita Campbell is the Founder and Publisher of Small Business Trends and has been following trends in small businesses since 2003. She is the owner of BizSugar, a social media site for small businesses, and also serves as CEO of TweakYourBiz.com.

13 Reactions

  1. Hi,

    Truly bringing cash is riskier than cards. Yes its more convenient to pay with credit cards etc. its just that we tend to over spend when we use credit cards and that’s the main reason why I prefer cash that cards… every money that goes out is budgeted.

  2. I too see both sides of the argument, but my general feeling is that consumers are leaning more and more toward cash-less. Mobile payment options are only going to grow.

    • Martin Lindeskog

      Robert: I see that we will do more mobile payments in the future. iZettle is a good example of that. The thing is that we have to understand the real meaning of money and go back to an objective standard like gold or silver. Otherwise we will end up with the Fed’s printing press, running amok with worthless fiat paper money…

      Have you learned from the history how much purchasing power silver has against paper currency? For example, how much would you gas would you get for 1 troy ounce silver dollar compared with 1 dollar bill, ten years ago and today?

  3. Martin Lindeskog

    Cash is King and silver is argentum, i.e, real money. I look forward to the day when I can pay with my favorite coin, the American Silver Eagle $1. Have you done that in Nevada?

    Anita: Thanks for the link to Community Merchants USA. I will check out this site.

    • Anita Campbell

      Thanks, Martin. I have to say that’s a new one for the comments section – “argentum”. I can’t remember in 10 years anyone using that word in a comment. 🙂

      – Anita

  4. Carrying cash is way riskier than carrying your cards. Most of the people love to pay using cards and it’s true that more money is spent when a card is used. But more people are heading towards mobile payment and I believe soon it’s going to be the first choice of customers.

  5. Hmm. I wonder why the law/credit processing agreements allow for discounts to be offered for cash purchases? What’s the motive? Is it a way of keeping real money circulating within the economy?

    • I think, but can’t seem to find a link right now, that the financial industry has lobbied and rec’d legal protection from merchants charging a surcharge for using credit/debit cards. On the flip-side, merchants are allowed to offer discounts for cash. The qualification is that there has to be public notice of the discount on the premesis.

      The trend is people wanting to use plastic, whether credit or debit. It’s more convenient. But the cost to providing a plastic alternative to cash costs the merchant (speaking for myself) thousands of dollars a month. Which is why I dropped the card payment hook years ago.

      For convenience though, I”ll soon start accepting cards again, but have adjusted my prices to absorb the added cost. And, will offer a discount for those paying cash. The “discounted” price “for cash” will be the price they are currently paying. So my cash customers, and those wanting to save some money, are not offended by having to pay the freight for those who want to use their card. Everyone has the same choice.

      • Ross, have you given it a try? How’s it going with the slightly higher prices and the cash paying customers getting discounts? Do you offer discounts for the debit purchases being that they cost less than credit as well?

        The detail I see all are missing about paying with credit over cash is the roughly 2% leaving the community on every transaction. The 2% is going to Visa, MasterCard, or AMEX headquarters (or whether they hold their money and pay their employees. Those communities are benefiting) rather than staying in the local economy where it can be spent. Someone from Visa isn’t going to walk into your business again (unless they have an office in your town) to use that 2% savings, but a real customer / community member that just saved 2% on a cash purchase now has 2% more in their pocket, meaning the community has 2% more. The community is better for it by 2% and your business may even be better for it long term as less money is sucked out of your community through these small fees by the credit companies. I’m not a merchant, so I’m curious as to whether there is an opportunity to coin your business as more community friendly than the next business because of this small savings. In reality, you really would be keeping thousands of dollars in your community each year over the guy next door not offering this discount. Every dollar matters to your community. I look forward to your experience and reply.

  6. Ross. like Jeff B I am curious to know the outcome of your “experiment”. Jeff B ~ I LOVE your idea of keeping your customers cash savings local. I am an artist who will begin selling my work at art/craft shows and festivals. I am wondering if you have any views on whether, in the festival/fair type of sales environment, a cash discount advisable or beneficial? Or in keeping with the previous thoughts of plastic sales have less of a spending restriction, vs. only using the cash you had on hand?

    Thank you all for your posts/opinions on this subject.

  7. I’m a customer who never carries cash (or checks after purse was stolen and checking account drained even after bank was informed of theft). I pay for everything with credit card (I have great rewards and pay off the card every month.

    I have a story about a dance studio I attended for several years (spending more than $3600/year). They required payment in person and always gave me a hard time about paying with cc. They would “up-charge” to allow me to pay with my card and I would have to come to class 30-min early on “pay day” just to make sure I’d be able to start class on time. I felt like they were in the dark ages with technology and it reflected on my view of their dance program. I’d had several conversations about this with the owner.

    When a new studio opened that offered the same classes and everything from schedule & registration to payment online (they even have auto-pay), it was a no brainer to switch my business. I love being able to switch my schedule without stress of calling & not having to remember to pay every month. Credit card and online payments are the way of the world now. Don’t ostracize your customers. Make it easy and allow them to use cc’s without hassle.

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