Infographic: Not accepting credit cards is costing your business

June 10, 2016
5 minutes read

If you opt to be paid by check because you want to save money on credit card fees, here’s some surprising news: When you crunch the numbers, accepting checks can cost you more.

Check out the infographic below to see how accepting credit cards can improve sales, save time, and cost less than checks!

Infographic: how not accepting credit cards is costing your business
Infographic: how not accepting credit cards is costing your business

Not Accepting Credit Cards is Costing Your Business

Here are some of the main benefits of accepting credit card payments from your customers.

Get Paid Faster

Customers pay invoices by credit card 10 days faster than by cash or check.

On average, invoices paid by credit card are paid within 8 days.
On average, invoices paid by cash and check are paid within 18 days.

It's clear that accepting credit cards online can help you get your invoices paid faster.

Increase Sales Potential

83% of small businesses have increased sales by accepting credit cards.
57% of small businesses have been asked by their customers to accept credit cards.
66% of purchases are made by card. 15% are made by check, and that number is decreasing.
33% of customers use a card for every purchase, even those under $5.
22% of customers prefer paying with a credit card. Only 3% prefer checks.

Save Money

Checks are expensive! Processing a $500 invoice paid by check costs, on average, $33.
– $7 – Time to Create and Send an Invoice
– $15.50 – Bad Debts
– $0.50 – Transferring Funds
– $8 – Errors and Reconciliations
– $2 – Working Capital


Invoicing is unlimited and free. Accept credit cards for 2.9% + 30¢ per transaction.


  • Wave Payment Platform – Statistics
  • ACA International – Check and ACH Statistics
  • USA Today – Is cash becoming a thing of the past?
  • FRBSF – Cash continues to play a key role in consumer spending…
  • Small Business Trends – Cash isn’t always king…
  • Forbes – Why don’t more small businesses accept credit cards
  • Yahoo! Finance – WePay’s small business payments survey…

Stats are representative of the U.S. market and are presented in USD.

By Dina Goldshtein

The information and tips shared on this blog are meant to be used as learning and personal development tools as you launch, run and grow your business. While a good place to start, these articles should not take the place of personalized advice from professionals. As our lawyers would say: “All content on Wave’s blog is intended for informational purposes only. It should not be considered legal or financial advice.” Additionally, Wave is the legal copyright holder of all materials on the blog, and others cannot re-use or publish it without our written consent.

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