In this day and age, it is increasingly rare to use cash. Paying with your card is more convenient, but also safer. You don’t need to worry that someone will steal your wallet and that you’ll lose all your money. Sure, losing a wallet is still a possibility, but a thief would need to know your PIN as well.
Online payments make shopping easier – you don’t even need to leave your house, but big companies are benefiting from the popularity of plastic money as well. Its customers are more likely to spend more money when paying with the cards. For the human brain using invisible money isn’t the same as paying with the cash. It is even more pronounced when it comes to online shopping. When the clients don’t even need to go to the shop, they are likely to overspend. That’s why companies partner up with payment processing companies to allow their customers to pay online. For every purchase that a client makes through the internet, a company that provides a gateway receives a convenience fee.
The companies that tend to deal with the clients that are not always trustworthy have a harder time finding a payment processing company. Because they are more likely to lose some money in the process, such companies usually only agree to partner up with f.e. debt collection companies if they receive higher fees. Allowing online payments is a crucial thing in modern times, which is why companies tend to agree even if they have to pay more. If you want to learn more about debt collection companies, check out this infographic, provided by My Payment Savvy.