Credit Cards Review

Even though most establishments in the US and all over the world accept credit cards there are still some places thaat refuse to join the credit card world for many reasons.

Everytime a credit card purchase is made anywhere the business receiving the payment will be charged anywhere between a quarter of a percent and 5 percent. These are what are referred to as interchange fees. Merchant banks will pay these to card issuing banks and in the end, the merchant pays them back. These fees vary by which credit card the buyer has and what they rates are.

Another reason why some merchants refuse is because of the amount of money that is spent each year on maintaining credit card machines and often say that they do not do enough credit card sales to warrant the added fees and expenses.

And one final reason that some establishments refuse to take payment via credit card is because the use of credit cards leaves a very long paper trail. With large and easibly attainable papertrails it makes it far harder for merchants to hide all income from the eyes of the IRS.