The process of accepting payments, especially cards, can be complex, and many businesses are too overwhelmed to explore the many options available to them. Some businesses even try to opt out of accepting cards entirely.

It’s understandable, but the truth is that every merchant is better off accepting a wide variety of payment types.

Here are 3 things you need to know about accepting payments at your business:

1. Businesses that accept cards make more money.
Cards have grown massively in popularity over the past decade, and they’re not far from overtaking cash as the preferred way to pay in the United States. The Federal Reserve Payments Study finds that card transactions are still growing at more than 5% in total number of transactions. As Gallup notes, young demographics especially have a strong preference for cards over cash, so cards may soon be the most dominant payment method in America.

And customer preference is not the only reason it’s important for merchants to take cards. Studies find that, when consumers can use cards, they spend more money. One famous study by Dun and Bradsheet found that customers spend 12% to 18% more when they use credit cards. An MIT study found a similar effect, as The New York Times noted in an article on the phenomenon of credit card spending.

Yes, there are fees associated with accepting cards. But the truth is that this is more than made up for in the end by increased customer satisfaction and retention, and larger tickets.

Find out more about how accepting cards helps you earn more.

2. Chip cards have led to a huge decrease in fraud.
EMV, the technology behind the chip cards that came to America in 2015, saw a lot of hype about its potential to lower fraud. And this has been the rare tech that delivered on the hype—businesses that accept EMV have seen a large drop in fraud. It’s been documented by both Visa and MasterCard, according to a recent Boston Retail Partner study on the subject. MasterCard says that fraud is down by 54% since October 2015.

When merchants use EMV technology, their business is more secure. Chargebacks and disputes are rarer, and criminals have largely moved their efforts to other avenues. That’s made the process of accepting cards easier than ever before.

Learn more about how EMV has helped merchants.

3. Payments help your business in other ways.
In the past, small businesses were hesitant to even accept card payments, and those that did accept them often used only small, standalone terminals. The cutting-edge features that the Big Box players used—like high-tech loyalty, NFC, reporting, and more—were prohibitively expensive, and small businesses did not have the money or resources to employ these.

All of that has now changed. These features are now affordable and accessible to merchants of any size, and it’s made business more profitable for these companies. Despite headlines about the death of retail, companies can now use payments to gain greater insight into customers, track their business more precisely, and simplify their lives.

Discover all the ways payments can help you run your business.

Merchants need to know the truth about payments today. They now have a wide array of options available to them, with simple setup and secure technology. Find out more about what modern payments can do.

​​3 Things You Need to Know About Accepting Payments

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