We all know how important it is to accept credit cards if you are running a brick and mortar store or an eCommerce website that sells products. More and more consumers are becoming Discover card holders. Discover is a major credit card that was first introduced by Sears Roebuck and Company back in 1985. However, today it stands independently and is unique because its cards are not issued through a variety of different financial institutions like those of Visa or MasterCard. With cash back intensive programs and clever advertising, Discover seems to be rapidly growing in popularity. Although at present, the fact remains that it is primarily a United States company and the general credit market shows that the Discover card share based on purchase volume was only 4.75% for 2008, significantly lower than that of other major credit card companies.
With more than 3 million merchants in the United States accepting Discover Card, people are being given an additional payment option for their convenience. Most merchants are pleased with the competitive rates that Discover offers and acknowledge the fact that accepting the card may increase the amount of business they obtain. More than 50 million people currently possess an active Discover account. When combining the total of both their point of sale and ATM transactions, Discover's sales volume equals over 3 billion a year.
If your company is not presently accepting Discover card as a form of payment, talk to your merchant account provider. Many Discover card holders are loyal to the Discover company in order to gain the maximum rewards for using their credit lines. Also, many Discover card holders favor the Discover company because of the customer support and security that is offered to them. Therefore, companies who don't offer Discover as an option for payment may be losing money to their competitors.
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