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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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Accepting major credit cards requires the seller to pay a service charge. What advantages does the seller obtain by accepting major credit cards?

To determine

Credit Cards:

The credit cards are the form of factors that collects money instantly in an electronic mode. Credit cards are a type of cards issued by the banks to the customers for paying to seller instantly and securely.

The advantages of accepting credit cards to the seller even if they have to bear some service charges.

Explanation

The credit cards make the purchasing easy for both, the buyer and the seller. The benefit for the seller is that they do not have to wait for the payment i.e. they get the payment at the time of sale only within some minutes. The other benefit of accepting the cards is the reduction in the risk of bad debts i.e. the amount of uncollectable will be reduced...

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