The top 4 reasons that it is a good idea not to accept online credit card payments:
1- Risk for Identity Theft - Identity theft is a real risk when someone puts vital and personal information online. This is compounded when they supply credit card information to a website in the course of a purchase. The likelihood for a stolen identity increases because of the credit card information being attached to that personal information. The last thing that a company needs is to be 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 do not like the concept of credit cards and have not used them themselves. This becomes taxing to the conscience of that business owner to accept something that they belief to be morally wrong. They may also just have strong feelings that credit cards are the cause of much of the economic woes that we face today.
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 lots of things about credit card purchases, including the fact that people spend more per transaction than when they use cash. If a business does not accept credit cards online, they are hurting their sales.
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 - By accepting credit cards, you reach far more consumers than you might otherwise. The reason this is the case is because credit cards allow people to purchase things beyond their means, because it breaks it up into installment payments that they can 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