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Other Cards to Consider
In addition to the two major credit cards, Visa and MasterCard, there are several more that a business should consider accepting. These include American Express, Discover, and Diners Club. While the first two are the most important, and they are enough to get your merchant account started and help keep your business running smoothly, these three can also play a part in making your store or company prosperous. You don't have to accept any or all of these, but you should give them some consideration before making a final decision.
American Express
As addresses elsewhere on our site, Amex is one of the main players in the credit card industry. They offer consumers many great deals, rewards programs, and rebates for use, and have earned a good reputation and a strong following. Although most people carry other cards in addition to this one, it can be a preferred payment method for many. For that reason, we typically recommend that merchants consider American Express along the same lines as Visa or Master Card. Your customers will likely expect you to take it, and you don't want to turn them away if you can help it!
Discover
Discover is another popular card. It's acceptance, however, is much more limited. The size and scope of your organization will ofter determine whether or not you process these payments.
The benefits include:
Happy customers: consumers dislike having their credit cards turned away. Accepting Discover gives them one more option when it comes to paying you, and you want to make sure that new and old clients are satisfied.
More sales: Some people exclusively deal with their preferred credit card of choice. If they cannot pay as they wish, they may walk away entirely, or note that your business is not one they want to use for future purchases. Because Discover is known for giving great cash-back rewards, especially on dining and related charges, making sure that you accept it is a good way to increase sales volume.
Diners Club
The Diners Club and its affiliate, Carte Blanche, are both known for being high end credit cards. Diners Club International was actually the first company to offer credit cards, and while they are no longer a leading provider, they do have die-hard fans. While most businesses have no need to accept these cards, as they have long since been replaced by other giants in the payment processing industry, restaurants, travel merchants, and related companies should consider them. Their Club Rewards and personalized rewards programs make them highly valuable to the wealthier consumers who typically carry these cards. These are not the sort of customers you want to alienate as they have the potential to bring you fantastic sales and long-term business.
Ultimately, the choice is yours. Evaluating the discount rates and transaction fees, polling or at least considering your customer base, and determining whether the costs are worth the benefits is the only way you can decide which cards are right for you.
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