Credit Cards

Credit Cards

With our move towards a cashless society, credit cards have become a staple for most businesses.

The way they work is simple. The consumer makes a purchase. The processing company lumps all the charges from the business together and then submits them to the credit card company for approval. The credit card company then bills the consumer.

There are many benefits to using and accepting credit cards. From convenience to benefits, credit cards streamline the whole consumer process.

Credit cards provide several levels of convenience to people. In addition to not having to carry cash or worry about change, credit cards allow an advance on funds and can be used overseas without worrying about exchanging currency.

In addition, many credit cards offer cardholder perks. Those can be cashback, discounts at certain businesses, miles rewards, or even lower percentages.

On the business side of things, accepting credit cards is almost mandatory at this time. As of 2021, 70% of the entire US population carried a credit card. That is over 233 million cards in use.

Over 30% of people have multiple credit cards. That said, accepting credit cards is necessary for businesses to grow and prosper.

There are four major credit card networks: Visa, Mastercard, American Express, and Discover. Beyond these major companies, there are a handful of other credit cards that work through the network.

Within the variety of available credit cards, there are specific cards that fit differing needs. There are cards for students, cards to build credit, cards with low rates, and cards with benefits.

Credit cards first came into existence in the 1950s and since that point, they have come to dominate financial transactions across the country.

From both the standpoint of the consumer and the business having and offering the use of credit cards streamlines the whole retail process.