Merchant accounts are now made widely available to each and every business owner in the world. Gone are the days when a little corner convenience store would turn away their customers because of the inability to accept credit card payments. Moreover, in this digital age, it has become a business owner’s mortal sin to not be equipped with the best credit card processing facility on site.
Can you imagine a business operator having to continually turn away customers because of credit card non-acceptance as form of payment? Before the digital age, this was a normal occurrence. But because cheaper transaction rates are now made available to merchants, they are now more inclined to setup a merchant account to address this very important business need. I actually refer to it as a business solution, because this provides a very viable means to survive a very competitive world.
I don’t see the use of credit cards tapering off anytime soon or in the near future. While we always say that cash is king, we still prefer that cash should stay in its proper place which is none other than the bank, ready to be used when it’s time to write the check to pay in full for that credit card bill.