There are, in fact, many different businesses that do not accept credit cards. If you live in a smaller town, you might encounter them on a fairly regular basis.
Businesses that don’t accept credit cards often fall into these categories:
-- A family owned business with five employees or fewer, often just one or two. -- A restaurant. Food service businesses are those most likely to avoid credit use. -- A seasonal business that only operates during high traffic months of the year.
Not Accepting Credit Cards? Your Customers Might Wonder About You
Some small business owners are concerned about overhead that might be involved in accepting credit card payments. However, it’s important to understand that people who run into a business like this might simply pass it by.
People often wonder whether a business that does not offer to take credit card payments is truly “legitimate.” Although it’s unfair to tar honest business owners with such a brush, it’s crucial to understand that “under the table” businesses don’t accept credit cards.
In fact, avoiding credit cards is one of the most prevalent ways by which unethical or illegal businesses avoid creating a paper trail that might endanger their illicit gains.
Avoiding Credit Card Use Leaves Billions On The Table
Which credit card is actually the largest in the United States? You might guess that it was Visa, but you would be incorrect! It’s actually American Express, with a purchase volume well in excess of $500 billion annually.
Even accepting only “Amex” would make a big difference for a business!
All told, 176 million Americans use credit cards of all kinds. Only about 29% of Americans don’t have a single credit card. Among that number, you would find many college students and others who are working hard to get started on a credit history.
When all is said and done, there is no reason for a growth hungry business to avoid using credit cards. While it’s true that credit card scams are becoming more prevalent, a good ACH payment processor will help reduce your risk of such issues.
If you are not using credit cards yet, get in touch with National Processing right away. We can quickly help you to integrate great credit card processing services into your business model.