Credit and debit cards have become part of everyday life for most Americans today. According to this US Census Bureau report, as of 2012, there are a 107 million cardholders across the nation. So, in 2012, close to 35% of all the population within the country was already using plastic money, and that number has only been on the rise since the last few decades.
And thanks to this revolutionary mode of payment and its growing demand, the technologies built towards credit card processing have evolved to whole new level, too. From the ability to make payments through just a tap of a smartphone, and businesses accepting credit cards anywhere, anytime thanks to credit card dongles, and online payments, the world of credit card processing is a very different one from what it was in its very nascent stages.
Yet, you’ll still find businesses big and small refusing to deal in plastic money all around the US. According to CreditCardProcessing.com, more than 50% of small ventures in the country are cash-only businesses. This practice could very well be their undoing, and here’s why.
The risks of not accepting credit cards in the US