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The Pros And Cons Of Accepting Credit Cards

It is becoming more common for businesses to accept credit cards. That is why if a business does not accept credit cards, their competitor may have an advantage over them. However, there are advantages that come along with accepting credit cards. Here is a list of the numerous pros and cons:


More business

You may be able to get more business if your company accepts cards. It is safer to carry around a credit card instead of cash. People will probably spend more money if they use a credit card. This can potentially help your business generate more revenue. Keep in mind that you are limiting a large percentage of your potential demographic if your business is not using a credit card processing machine.


Merchant accounts not only make things more convenient for the customers, but they also make things more convenient for the business. People like the convenience that comes along with being able to swipe their card instead of carrying around a lot of cash. There are different types of software that can be used to tie in directly with your merchant accounts. This makes things like accounting and inventory management a lot more convenient.



It can be expensive to accept credit card payments. You will have to pay for monthly statements, merchant services, interchange fees and other credit card processing fees. These fees may be too much for a business that is on a tight budget.

Subject To Chargeback

Every credit card transaction is subject to a chargeback. If the customer is not happy with your product or service, then he or she may dispute the charge. A person can dispute the transaction for up to six months after it occurred. The business will have to prove that the purchase was legitimate. Additionally, if a business has received a lot of chargebacks, then it may no longer be able to accept cards.

Liable For Fraud

If some type of fraud occurs in your system, then your business may be held responsible. A bank may also require that the business pay for the fraudulent transactions. A business may be destroyed as the result of a fraudulent transaction.



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The service was very professional, my sales person (Steven B.) was very well versed in the product and most helpful in getting our company set up to accept credit cards via my cell phone. Their rates are some of the lowest on the market and their service is unparalleled. I will recommend them to anyone requiring a credit card processing service.

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