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Why accepting credit cards is worth it

Convenience, faster payments, security, and more sales are the reasons to start accepting credit cards.

Thursday, November 4th, 2021

Credit cards are more popular among Americans than you imagine. According to a study by Experian (one of the three trusted credit reporting agencies), the average US citizen holds 3.84 credit cards. With so many cards available and replacing cash as the most used payment avenue, it’s crucial to include these as a payment option in your store.

For many small businesses, accepting credit cards is a great way to increase profits. Accepting credit card payments virtually guarantees that the customer will purchase your product or service. It also allows you to track your sales and identify your best customers.

Why You Should Take Credit Cards


For customers, credit cards are one of the most convenient ways to pay for items when shopping online. When using a credit card, the processor will complete the transaction through their bank account or your credit line. There is no need to carry cash or write checks when using a credit card. 

Faster Payments

Credit cards are fast and safe. When a customer buys from your website, they can just click on the “Pay” button and fill in their details without having to wait for an invoice or fill out a form first. As soon as the payment is processed, you’ll get all the information.

Make more money

Credit card users are known to spend more money than cash users. Customers paying via credit are more likely to exceed their budget and spend to the card’s limits. According to a report posted on Bostonfed, the average transaction amount for cash is $22, while non-cash transactions can go as high as $112. 

Potential Downsides

Though accepting credit cards can be a great way to boost your business’s bottom line, some factors can make this strategy less appealing.

  • Chargebacks/risks: Credit card payments are prone to chargebacks which be expensive for merchants, especially if the company is small. 
  • The cost of credit card processing: High processing fees can be counterproductive. Small businesses must calculate the actual cost of processing before setting up this payment method.

Like other payment avenues, credit cards have their advantages and downsides. Entrepreneurs must understand what they are up for before implementing card payments in their stores. That way, you can make an informed decision on whether to go ahead or consider other options.