Should we take credit cards?

I am reading all the advice, thanks for sharing your perspectives.
We’ve been relying on our reputation to make buyers feel safe, but it’s true that the customer has additional protections with the CC.
We will have to weigh if the increased business compensates for the fact that the vast majority of buyers will start paying with plastic.


The pricing on some items would definitely have to change though.
 
EMT offers the buyer no protection. Fine for an EE sale, but with a legit online business EMT only always seems a bit... strange.
 
Credit cards are great and all I wished more stores accepted sezzle as a payment option. The few I shop at accept it and ever since I started using it I've practically looked at it as a bi weekly subscription fee for ammo orders to land on my door step every other month.
 
Potashminer said:
I have had two VISA cards hacked - the bank came good both times to cover the dollars spent - but that got me interested in how that could happen - the cards were in my wallet at the time that the funds were being spent in Toronto or wherever. Turns out there can be "theft" - a payment processor employee actually used your information to incur costs (or sold the information to someone who used it to incur costs). Is also a "brute force" attack - so pick a random card number - then use computers to fly at it with bazillion passwords - occasionally (or at least often enough) get a "hit" - a "match" that allows a $2 charge to go through. Is wide open then to spend whatever to your limit using that information - makes sort of "joke" out of instructions to "sign" back of card - do not need the card to charge that account - just need the numbers, is all. Lately, I've been using only my mobile phone because it has the most convenient payment method. I can pay for everything I want with just a tap on my phone. You can even play online using this method. Just check out **Image and video linking functions will be enabled after you have contributed more to the forum** about various google pay casinos. There are already quite a few, and this is the future of payments. You should give it a try too. But compare to old days when we paid with personal cheque - that usually included your home address (often your name and home phone number), your bank account number, your bank's transit number and a sample of your signature - that you handed over to a complete stranger (a clerk in a store) - what could go wrong with that??

If I was running a business (which I am not) that accepted credit cards, every customer would pay a bit more to cover the one or two losses that I would incur - those losses would NOT be coming out of my pocket.

The only way that I know to protect from unauthorized charges is to "lock out" your card via your bank - that means no one - not even you - can use that account until you unlock it - a royal PITA to remember to unlock it before a purchase and then to re-lock it afterward. Maybe there is a better way? Getting an email or text does not prevent a charge from having happened, although you might know about it before your paper statement shows up.
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Thank God, my credit cards have never been hacked, and I usually split payments fairly evenly between cash and credit. But isn't there two-factor authentication for online payments now? Or did they create a physical copy and make offline payments?
 
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In perhaps past six months, I have had to do the two-factor authentication for some EMT's that I create - I do not recall ever doing that for a credit card purchase. So far as I know, the "hack" occurs behind all of that - either by an employee of an otherwise legitimate payment processor, or by someone who has "hacked" their way into the payment system. As previously mentioned on CGN - I do not think most retail people even get to see your credit card information for an on-line purchase - unless you phone them and read out your numbers to the person on the phone - is all handled by a payment centre in Ireland or India or somewhere ...
 
I personally wouldn't shop at a store that doesn't take credit cards as it makes the store look super sketchy ; plus the credit card charge back option gives the consumer a certain level of protection if the store turns out to be a scammer . I actually can't think of any store that doesn't accept credit cards .
 
Midnight Rider said:
I personally wouldn't shop at a store that doesn't take credit cards as it makes the store look super sketchy ; plus the credit card charge back option gives the consumer a certain level of protection if the store turns out to be a scammer . I actually can't think of any store that doesn't accept credit cards .
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Nailed it.
 
Great North Guns said:
We’ve chosen to keep operating by EMT only for the time being. Thanks for the insights.
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Business owner here. As much as I hate credit card fees they do bring in more business. That said, I offer a 5% discount for cash purchases and only around 10% of customers will do that.
I would offer a payment option like Sezzle, again it brings in more business. I have something similar for my business except the finance company charges the customer a $75 admin charge plus interest for the privilege. I personally would never pay that as I am too tight but I am always surprised how many folks are willing to do so.
 
zxcv said:
EMT offers the buyer no protection. Fine for an EE sale, but with a legit online business EMT only always seems a bit... strange.
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Remember when everything needed to be paid cash..nothing strange with EMT.
With the number of CC fraud..as a business..I would accept only cash and EMT for online purchase. In Store..when you can verify identity and card..yes.
But online..it’s looking for trouble - you will occur lost and be scammed.
 
Everyone has their druthers, personally I buy everything I can with a CC, yes even groceries, I pay the bill 1 day before the due date and NEVER pay a penny of interest, 2 reasons, 1 is I use the banks money for up to 45 free plus I get points for every $$ spent so it's a win for me. I do have EMT and of course buying or selling on the EE I use EMT. I will at times use cash/EMT or a cheque to pay as certain times I get a deal for paying cash.
 
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