You might be wondering why you are dealing with all this credit card crap in the first place. Someone is taking a chunk of your revenue… you hate statements and bills…and now you have to worry about those fraudulent anarchists? (someone’s blog on fraud protection quoted the Anarchist Cookbook, which outlines details for pulling off credit card fraud).
You are probably savvy enough to realize there are good reasons to run plastic, without even looking at market data. When was the last time you found something you didn’t know you really wanted when you were shopping for something entirely different? What happens if you have no cash and there is no ATM nearby and you can’t pay with plastic? How many times have you actually gone back to buy it later? People are impulsive, and with competition abounding, it is important to make it as easy for people to spend money with your business as possible.
Here is some market data so you can look at things more scientifically:
This information came from First Data 2008 Study of Consumer Payment Preferences, a market study which surveyed 3,308 consumers from the United States. This is a relatively small pool, but it represents a larger trend in consumer spending.
According to this data, the percentage of debit, credit, and prepaid and gift cards have been steadily increasing as the percentage of cash and check transactions have been decreasing. More people are paying with plastic than with cash and checks. The percentage of debit cards has increased the most- a 17% increase over 9 years.
This alone is a good reason to accept cards. Lost transactions mean lost revenue.