If you want to get paid quickly these days, there’s a price to pay. Credit card payments generally incur fees of anywhere between 2 and 3 percent, depending on the payment gateway (and your negotiating skills). Checks in the mail are too slow to compete and require a lot of administrative work. Wire transfers, although timely, can incur some pretty steep fees.
Even though businesses incur high credit card fees for transactions, there are big benefits to consumers. Consumers can access credit beyond what they have in the bank account. Given the near universal acceptance of credit cards, they can walk around totally cashless and still make purchases. And what’s more, credit card companies offer them the protection of disputing charges, in the case of fraudulent or incorrect transactions.