The top 4 reasons that it is a good idea not to accept online credit card payments:
1- Risk for Identity Theft - When people put their vital and personal information out there via online websites the odds of their identity being stolen increase. This is especially true when they provide credit card information to websites in the course of a purchase. The potential for them to have that credit card information stolen increases. It could be a bad thing if your company is tied in any way to identity theft or credit card fraud.
2- Charge Backs - Charge backs are a method that is meant to protect the consumer from the above event happening, but it is also open to abuse. Ill willed consumers have learned that they can call the credit card company and do a charge back on a legitimate purchase and get away with it a lot of times, thus costing you money.
3- Moral Issues with Credit Cards - Some business owners are morally opposed to credit cards because they know that many people use them unwisely and spend well beyond their means to repay. This knowledge can cause a business owner who feels this way some great concern when they accept credit card payments.
4- Fees Associated with Credit Card Processing - A lot of people who have never been a business owner do not realize that there are credit card processing fees taken out of the payment before the money is turned into the account of the business owner. This is the main reason that you see incentives made for those who pay with cash.
Top 4 Reasons You Should Accept Online Credit Card Payments:
1- Increased Sales - Studies show that people tend to buy more when they use a credit card versus any other form of payment. By not accepting credit card payments, you could be dramatically hurting your business.
2- Security for Customers - Many consumers are nervous about purchasing on the internet. There is the fact that they pay someone that they do not know and hope that the product will show up. By using a credit card, they fill more secure because they know that they can get their money back if they have any trouble in getting their product.
3- More Accessible to More People - If consumers were forced to buy using only cash, then all businesses would see their consumer base shrink. By accepting credit cards, a business can reach far more consumers than they might otherwise. The reason is simple. People purchase things with credit cards that they cannot otherwise afford.
4- Predominant Payment Method of Today’s Society - Credit cards are the payment method of choice for most Americans. If a business refuses to accept that form of payment, then quite simply they will lose out on a lot of business.
Tags: credit card equipment, credit card payments, credit card software, Credit cards, online business