This blog on Forbes came out today just after Nick’s Roast Beef in Beverly Mass was under review by the IRS for illegally diverting cash for themselves and voiding paying taxes. Our Boston Maid Service, Tremendous Maid, is always looking for ways to show our clients how and why we are a professional Boston Maid Service. The way we do business and the overall customer experience is truly one of the best you would encounter in the state.
One of the comments on the article is that accepting credit cards is hard for customers –not only there is a cost to accepting credit card payments but small businesses like Tremendous Maid also have to wait for the funds to be transferred days later. Running a cleaning service is hard and margins are very slim –sometimes leaving only 4 to 6 cents out of each dollar generated! Anyway, I am always very suspicious of cash only businesses and I thought this article points out some great details for customers to understand why our services are not provided at lower costs –it takes time and effort and the convenience we provide a client is truly a valued added —from credit card payments, checks, even Paypal –we truly have develop a way for customers to do business with us in a easy convenient way.
Here is a direct quote from the article –see the full article here.
Accepting credit cards for business transactions comes with convenience but also high fees that can cut into the bottom line of the ‘mom and pop’ shops . Having open invoices and clients that take a long time to pay is also a heavy burden for small businesses that are often getting money in as fast as they are paying it out. So cash-based businesses are the best solution but that comes with increased scrutiny from the government and risks associated with crossing legal lines. The Bank Secrecy Act from 1970 is getting renewed interest for fighting terrorism, drugs, and money laundering, but it also catches up with small businesses like Nick’s. Banks have become the watchdogs who are supposed to monitor large cash deposits and withdrawals. While the indictment did not state how the Nick’s investigation progressed, one can be sure that the popular restaurant was being monitored. At the time of their arrest, the Koudanis’s had $1.6 million in cash in a safe in their home.