Credit cards, just about everybody today uses them and those who don’t (because of less than perfect credit) will usually have a debit card. In other words, more people today use “plastic” instead of “paper money or checks” than ever before. So what does this mean to you, the merchant? It means as far as you doing business – there is literally no option except that you HAVE to accept credit cards as payment, whether you like it or not.
In most small businesses “plastic” accounts for as much as 75% of their business so if they did not take credit cards they probably would not stay in business long. While true that many entrepreneurs and business owners don’t like the processing fees associated with taking credit cards, they really don’t have a choice. In fact there are petitions in Congress to regulate or stop the overcharges associated with Interchange fees, also known as “swipe fees”. Even with that, businesses still must take credit cards as payment.
The fact is credit card processing is essential for all businesses for a number of reasons. For instance:
The ease of use and simplicity for customers makes it advisable for all companies to accept credit and debit cards. When there is a dispute that could result from a lost or misplaced check then that issue can be resolved with the credit card statement or through the credit card issuer.
Payment processing by credit cards is faster and easier. There is no delay and the business providing products/services receives the payment instantly.
Paying for goods/services when placing orders by phones involves ease for the customer and additional business for the merchants without the need for face-to-face transaction or being present to give cash or checks. Business can and is being transacted globally and can be conducted by the consumer from anywhere in the world.
Processing can be provided via a virtual terminal for the credit card payments to be made enabling companies operating via the Internet to receive payments from customers around the world instantly.