Benefits of accepting all types of credit and debit cards
February 08, 2013

Credit card processing has become a common capability among merchants of all sizes, and many small and medium-sized businesses (SMBs) are beginning to accept nearly all types of plastic-based payments. SMBs should consider procuring the tools necessary to accept credit card and debit card payments through a variety of platforms to ensure that all transactions are finalized at the point of sale.

FOX Business recently reported that some small businesses will accept all credit cards, while others will only be capable of processing one or two. According to the news provider, SMBs should consider accepting payments from all credit cards, as the upfront costs of processing a variety compared with just one are virtually the same.

The source explained that the only difference in expenses pertains to interchange, transaction and per-item fees, which do not vary greatly between credit card providers. In fact, there might even be higher fees for accepting a premium card as opposed to a standard one issued from the same provider, though merchants will have to accept all types of each credit card they choose to accept.

While the fees may vary between credit card companies, merchants need to consider the potential loss of either a specific sale or the loyalty of a new customer who can't finalize a transaction because the business does not accept credit card from the specific provider. FOX Business explained that this type of issue can be avoided by simply accepting all credit cards and finding unique ways to make up the difference following swipe fees.

SMB owners should consider adopting integrated payment systems capable of accepting all credit and debit cards through a variety of platforms. This way, customer engagement and loyalty will be strengthened by convenient and agile payment processing capabilities.  

Nexus: G-WEBCD4