Sales Sense Payments

(585)672-6381
Get a Free Consultation
  • Merchant Solutions
    • Point of Sale (POS) Solutions
    • Mobile/Tablet POS Solutions
    • Virtual Card Terminal Solutions
    • No-Contract Payment Processing
    • Next-Day Payment Posting
    • Safe & Certified Check Processing
    • Secure a Business Loan
    • Start a Gift Card or Loyalty Program
    • Get an In-Store ATM
  • Become a Bank Partner
  • Learn More
    • Our Blog
    • How Payment Processing Works
    • What is EMV?
    • Credit Card Processing FAQs
    • Glossary
  • About
    • About The Founder
    • Our 10-Point Guarantee!
    • Referral Program
  • Contact
  • Software Developers

Fascinating Facts About Credit Cards

June 20, 2019 by salessensepayments Leave a Comment

Tweet

Credit cards are a way of life, especially in the United States, although other countries are equally heavy credit users as we are. Here are some interesting facts about credit cards from when they started transforming the payment industry in 1950, only 69 years ago!

  • It costs a credit card company about $80 to acquire a new customer, factoring in the marketing and processing fees, factoring in TV and radio commercials, telemarketing, print ads and direct mail.
  • The word Visa is itself an acronym that stands for Visa International Service Association, founded in 1958, headquartered in Foster City, California 
  • Merchants accepting credit cards spend $7 billion each year in credit card processing fees. Providing the ability to use credit cards to its customers generates approximately 15% higher sales from consumers who prefer to carry plastic for purchases rather than cash or checks.
  • Across the United States, people in Alaska generally carry the most credit card debt, averaging $13,000; Ohioans have the least debt, about $5,500. 
  • Averaging across the United States, a person’s or family’s average credit balance is just over $6,300 and Americans overall pay more than $100 billion in interest and fees each year.
  • To you and I, a deadbeat is someone who doesn’t pay their bills on time. However, in the credit card industry, deadbeats are those careful spenders who pay off their credit balances each month. Financial institutions prefer financially irresponsible card users who aren’t paying off their balances each month, enabling the bank to charge them interest and generate profits. In fact, conscientious financial “deadbeats” cost banks money if they aren’t paying interest charges and qualify for reward programs and cash-back incentives

Filed Under: Uncategorized

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

FREE

EMV Compliant Terminal

Recent Posts

  • Understanding Credit/Debit Card Chargebacks
  • Getting Comfortable with Digital Meetings and Presentations
  • Do Merchants Benefit With Groupon?
  • Combat Covid with Contactless Payments
  • Free Credit Card Processing! (Not April Fools :))
  • Online Ordering Benefits and a Limited Time Offer

We offer a range of consulting services, all designed to help your company reach its potential. Whether you’re looking for a small tweak or complete overhaul, we have you covered. Our services are available a la carte so you can get precisely what you need.

Authorize.Net Preferred Reseller
“Michael has implemented Strategies to Save Culligan Water Thousands per Year. Michael is a Professional Sales Leader and his Business Intelligence is Outstanding.”- ANDREW HOLDEN, President/ CEO at Culligan Rochester
“Mike Krause has been an invaluable asset to me and my company over the years. He brings cutting edge ideas to the his clients and has the unique ability to work hand-in-hand to integrate them with the overall goal of profitability in mind. I highly recommend Mike to anyone looking to grow their business.”- DOUGLAS IRWIN, Insurance Sales at Siegel Insurance
“Sales Sense Payments is a professional, efficient, accurate, low-cost credit card payment processing system.”- PAT W., CPA – Rochester, NY
Contact Us Today!

(585) 672-6381

Privacy Policy

Copyright © 2021 · Sales Sense Payments · Rochester, NY 14618