The top 4 reasons that it is a good idea not to accept online credit card payments:

1- Risk for Identity Theft – As people put their vital and personal information online the odds of their identity being stolen increase. In particular, as they put credit card information out there, the potential for them to have that credit card information stolen and used also increases, making them vulnerable to life altering events. You may not want to risk having your company tied to that kind of an event in your customers lives.

2- Charge Backs – Charge backs were intended to protect the consumer from fraud, but dishonest consumers have learned a new use that is not good. They premeditatedly purchase your products and then call the credit card company claiming that they never received them. This practice will usually leave your company paying the bill for their acts. The reason this is the case is because the burden of proof lies with the business, not the consumer. This, in most cases, is simply not worth the time and effort.

3- Moral Issues with Credit Cards – You may be morally opposed to the whole concept of buying things on credit, particularly when it is not a house or car. This can then cause you some internal turmoil to accept credit card payments online.

4- Fees Associated with Credit Card Processing – Most people do not realize that there are fees to the business every time a credit card is used as the payment method. For the business owner, this means that they lose little bit of money that would be theirs in a cash purchase on each credit card transaction.

Top 4 Reasons You Should Accept Online Credit Card Payments:

1- Increased Sales – There is no denying that people buy more when they use a credit card as the method of payment. When a business does not accept credit cards, they are hurting their business by reducing the amount of transactions that will take place in any given day. This is because many times people do not have any other form of payment with them at the time and the purchase may not be important enough to them for them to make the effort to come back later.

2- Security for Customers – Many consumers are nervous about purchasing on the internet. There is the fact that they pay someone that they do not know and hope that the product will show up. By using a credit card, they fill more secure because they know that they can get their money back if they have any trouble in getting their product.

3- More Accessible to More People – By accepting credit cards for payment, you are making your product more accessible to more people because people can purchase things with a credit card that they would not be able to afford otherwise.

4- Predominant Payment Method of Today’s Society – More and more credit card and debit cards are becoming the only form of payment that people use. You will seriously hurt your business if you do not accept credit cards payments in your online business.