Credit Cards are undoubtedly one of the best payment methods no matter where you are spending. Everyone loves shopping with credit cards nowadays, but some merchants still don’t accept credit card payments as they believe in several misconceptions regarding the same. Many times people avoid purchasing something from a store where credit card payments are not accepted as they prefer paying with a credit card to earn rewards and due to many other reasons. If you are also a businessman or a merchant and don’t receive credit card payments, you might be believing some myths about accepting credit card payments. In this article, we are going to talk about some common myths and we will help you understand the reality as well. Keep reading for more information:
Myths About Credit Card Payments
The following are some of the most common myths that the merchants believe in and hence they don’t accept credit card payments. You must go through them and try to bust these myths:
Myth 1: You Will Have To Buy Expensive Equipment
Many merchants/businessmen don’t even think about accepting credit card payments as they believe that equipment like credit card swiping machines would cost too much. However, that is not at all true but is just a myth about accepting credit card payments. The credit card swiping machine is quite affordable and you can easily get it between Rs. 1,500 to Rs. 5,000. So, not accepting credit card payments just because you think that it would be expensive is not a good idea. Many people like making purchases using credit cards nowadays and hence it would be better for every merchant to accept credit card payments. Not doing so can make many customers go back to your stores as they might only prefer making credit card purchases.
Myth 2: Payment Settlement Takes a Long Time
Another myth about accepting credit card payments is that the payment settlement takes a very long time, i.e. the card issuers/banks take a long time to settle credit card payments into the merchant’s bank account. However, that is not true again. If you are accepting credit card payments, the amount will usually be credited to your account within 24 hours. The Credit Card payment networks work behind the scene to make sure that all the payments get settled as soon as possible. So, merchants should not worry about payment settlement. The customers will only be happier if you accept credit card payments as they might not be having cash every time with them.
Myth 3: Merchants Need To Pay High Processing Fee
Many merchants refuse to accept credit card payments just because they believe that there is a high processing fee associated with credit card payments and it will take a huge part of their profit. Credit Cards may charge a processing fee, but that’s very nominal and you won’t really be losing a big amount. In fact, you can gain more profit when you accept credit card payments as according to some research, people tend to spend much more when they use credit cards.
Read More: Can You Split Credit Card Payments?
These are some of the most common myths about accepting credit card payments. If you were also not accepting credit card payments due to any of the above reasons, you might have understood the reality now. There are high chances that your will gain more profit as people spend more when they use credit cards. It is because they might be having limited cash with them, but with credit cards, they can spend as much as they want. So, you should just stop believing in these myths and start accepting credit card payments in your stores. If you have any further doubts regarding the above-mentioned information, feel free to let us know in the comment section below!