Yeah, yeah, credit card fraud has climbed sky high in the past couple years, but so have the number of card users. Before we get all dreary about how payment technology is changing the landscape of our society, let's have some positive spin on the news:
Top 10 Reasons why more credit card users are a good thing:
1) No more receipts - There's no reason to keep receipts or worry about tracking when you can look up your charges online.
2) Online account access - At least I know when someone steals from me. . .
3) Free replacement cards - And if someone does steal from me, I can get a new card free of charge.
4) More data - OK, I'm kind of a nerd here, but when you have more information, you can make more intelligent decisions . . .right?
5) VANITY CARDS - Maybe I'm outing myself here, but I totally love it when someone tells me they like my card. *blush*
6) Rewards points - Who doesn't use rewards points? - Even if you don't want the cash back (bear with me a second), you can find cards that will donate the money to a worthy cause for you.
7) Cashflow - When times are tough, it helps to be able to float an expense for a couple months while you work it out. . .except when you don't. . .
8) Less loss - So I know someone somewhere loses money when a thief steals my card (#), but when I lose my card, I still have the money in bank account. If you don't have this protection, consider switching banks.
9) Privacy - It's scientifically proven that memorizing 16 digits (and a security code) is harder than remembering how much cash I had in my wallet when you surreptitiously glance over and decide whether I'm worth the time and energy.
10) Air miles - whether you're trying to get home for the holidays, or you're trying to find the quickest way back, air miles will save your bank account when you have that unexpected emergency change in travel plans.
Happy Holidays from everyone here at Priority Payments Northwest. We wish you all the merriest holiday season!
Matt Koren is the President of Priority Payments Northwest, a Merchant Services Provider located in Portland, OR. He runs his company in addition to his management consulting practice as an Associate with Causeit, Inc. You can contact him by filling out the Contact Us page, or by calling 866-402-1485.