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“We accept credit cards” is a declaration that you have most likely encountered numerous times at different shops, grocery stores, and other merchant outlets. This statement is generally accompanied by a few stickers (Visa/Master card etc). Credit cards have transformed businesses and our lives significantly. A few years ago, there were just a few shops that would accept credit cards, but today you will find that most shops accept credit cards. In fact, some shops (like those belonging to a large retail chain) not only accept credit cards but also supply credit cards. These credit cards entitle you to rebates when you use them at any of the stores of that retail chain.
The Credit Card Revolution: How We Got Here and What's Next
With credit cards around, many people have ceased carrying any cash or only carry a very small amount of cash. That signifies that any shop that doesn’t accept credit cards is potentially losing clients. In fact, this is one reason why almost every merchant accepts credit cards.
From Cash to Cards: The Evolution of Payment Methods
With the progression of the internet, the credit card industry also took a new turn, and up came ecommerce and e-shops. So, those stickers of “We accept credit cards” moved on to the doors of internet shops. Therefore, came the era where almost every online shop would accept credit cards (directly or indirectly). In fact, this was the basis on which the entire online business industry was founded. This is convenience at its best.
The Dark Side of Credit Cards: How Fraudsters Operate
Fraud is associated with almost every financial instrument. So there came fraudsters too, who too said, “We accept credit cards.” These fraudsters use many techniques to commit credit card-related fraud. Some of them disguise themselves as online merchants who accept credit cards as a mode of payment (the actual motive being extraction of critical credit card details). Others are individuals who work at merchant shops that accept credit cards. These fraudsters either clone the credit cards or just note crucial information from them (and utilize that for online shopping). Some other fraudsters entice innocent people into revealing credit card details in chat rooms. And then there are tech-savvy fraudsters who use computer programs/software/devices (called spyware) to spy on the people who use their credit cards for online payments. The spyware captures their credit card information and transmits it to the spy using the internet.
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Credit Cards: The Double-Edged Sword of Convenience
So a lot of merchants and service providers do accept credit cards, but keep in mind that the fraudsters too welcome/accept credit cards. This is something you definitely need to be cautious about.
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