It’s not just businesses that need to accept credit payments anymore – even cities need to have the ability to do so.
The City of Winfield, WV recently announced that it would begin accepting payments made through a credit card terminal. Residents can now use their credit cards and debit cards to pay for building permits, municipal licenses, traffic citations and much more. Residents are being directed to conduct these transactions at a online credit card processing page.
“We are extremely excited to now be accepting credit card payments online and at Town Hall,” said Randy Barrett, mayor of the town. “We are always looking for ways to improve the services we provide to our community and giving our residents the option to pay municipal bills and fees using a credit card is definitely a step in the right direction.”
When a business or organization chooses not to offer individuals a credit card processing terminal through which they can conduct transactions, they risk losing out on a significant amount of business. For example, Intuit released a study last year finding that 55 percent of U.S. small businesses currently do not accept credit card payments. That accounts for almost 15 million businesses – and they’re missing out on a collective $100 billion in annual sales.
According to Intuit, each individual business that does not accept credit card or debit card payments is missing out on $7,000 in sales per year.
“I don’t understand the small businesses that don’t take cards,” Jason Richelson, a former store owner from Brooklyn, told CNBC. “In my opinion, as a grocery and a wine store owner, if you don’t take credit cards, you suffer—you could be increasing your sales 20 percent and you’re going to make your customers happier.”Back To Blog