A New report by CreditorWeb published a study that found that by not accepting credit cards companies are losing at much as 70% of their potential revenue. The article summarizing this data pointed out a few things about merchant services and why it is so important you set your business up for merchant service processing:
- In the past 20 years due to direct deposit, most people do not carry much cash on them anymore.
- Starbucks, a company that has an average transaction size of$4, does the bulk of their business with credit card and debit card transactions.
- The average American carries at least four credit cards and nearly all Americans own a debit card.
- Most consumers prefer to pay with a credit card due to reasons like security and convenience.
- If a company does not accept credit cards it is deemed less trustworthy.
