Credit Cards Essential for Online Businesses

It is common in today’s time and age to accept credit cards for all businesses, retail, online and mail/phone order. Accepting credit cards will boost your company’s sales, and here’s why:

Results from several surveys were combined to determine why people pay with plastic.

• Credit cards make carrying cash unnecessary
• Customers use credit cards as a convenience, keeping cash on hand for an emergency.
• Loyalty points and airline miles are very popular and hard to resist for cardholders.
• Customers preparing to make a large purchase almost always prefer using a credit card.
• Consumers floating money in a bank account like to shop using credit cards.
• When making purchases that are refundable (company expenses) consumers would rather use credit cards

Also, accepting credit cards is key in e-commerce when consumers are more reluctant to pay with their checking account or cash. Writing checks for online payments is not a preferred way to pay because of many different risk factors. 85% of online purchases are made with credit cards, and checks count for 10% of online sales.