--- title: 3 Credit Card Myths That Can Cost You description: Top three myths about credit card processing and merchant accounts – and why buying into these “legends” is risky business. image: https://learn.pike13.com/hubfs/money-256314_640.jpg --- 2 min read # 3 Credit Card Myths That Can Cost You [![Picture of EVO Payments](https://learn.pike13.com/hubfs/image001.png) EVO Payments ](https://learn.pike13.com/blog/author/evo-payments) : Updated on June 26, 2017 [Finance](https://learn.pike13.com/blog/topic/finance) ![3 Credit Card Myths That Can Cost You](https://learn.pike13.com/hubfs/money-256314_640.jpg) ![money-256314_640.jpg](https://learn.pike13.com/hs-fs/hubfs/money-256314_640.jpg?width=425&name=money-256314_640.jpg)Critical financial decisions must be made before entering the world of commerce – decisions that ultimately affect sales and your bottom line. Whether to accept credit cards often divides small business owners into two camps: those who view taking plastic as a no-brainer and those who feel they can afford to stay a cash-only business. One reason to accept credit cards is convenience – not just for your clients but also for you because the card company deposits the funds directly into your checking account. You don’t have to worry about bounced checks, securing the money, or bill collection. Second, the sign on your store window indicating you accept credit cards gives you instant credibility with your customers. And third, a credit card account offers recurring billing – a feature that allows your customers to set up a schedule to automate their payments so they pay on time, every time. As a small business owner, recurring billing helps streamline the payment process, increase cash flow, saving time and money. Do you really have to accept credit cards and, more importantly, what’s the cost if you do – or don’t? Here are the top three myths about credit card processing and merchant accounts – and why buying into these is risky business. ##### 1. Customers always have cash. When was the last time you paid your grocery bill, ate out, or filled your gas tank using cash?  Using credit and debit cards is convenient. The bottom line? You’re losing sales if your business isn’t taking credit cards – and likely alienating customers who will never come back. ##### 2. Accepting credit cards costs too much. There is a cost associated with accepting credit cards and you should evaluate whether the benefits outweigh the cost. But know that the fees and costs associated with processing credit cards are far less than you might expect. Why? Fierce competition among merchant providers for your business drives down prices and keeps fees low. If this is news to you, a free pricing analysis from a processor like EVO Payments International may be just the thing. ##### 3. I can’t qualify for a merchant account. Don’t assume your business type, credit history, location, or start-up status prevents you from being approved for a merchant account. Many merchant providers – EVO included – will work with businesses that carry a higher degree of risk. The bottom line: Carefully consider the pros and cons of opening a merchant account. If you decide it’s the right choice for your type of business, shop around for a reputable processor like EVO Payments International that offers affordable rates, enables you to accept credit and debit cards, and keeps your money safe and accessible. Questions? Go [here](https://secure.powerpay.biz/pipeline/referrals/referral.aspx?agentid=7028). We’re happy to answer any questions you may have about credit card processing – and why a customized payment solution from EVO Payments International may be just the right fit for your company. - [Tweet](https://twitter.com/share) ### Explore More **Running a Business is Hard—We Make It Easier.** Find expert tips, advice, inspiration, and success stories below. 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