Update your terms and conditions and the EULA. Make it so you have to have a valid credit card on file to play. Make it so you agree to the following condition :"If you are banned/found cheating you agree to pay a damages stipen to the company of 1000 dollars". boom, if you cheat you have to pay out the arse. Of course you would be able to repeal it if its false ban but that has only happened once. Bam no one ever wants to cheat again.
I may be alright with giving Steam my credit card details for purchasing video games, but I will not disclose my credit card details directly to a game developer with the hopes that they themselves won't get hacked and have all that information taken and used by others..... or worse, someone in the company decides to do something with them.
The less people I provide that information to, the better.
I have never cheated/hacked in an online game ever.... I may have used god mode, etc. in SP games, but never online and have no VAC bans on my account since I first joined Steam in 2004..... despite all of this, if such a plan was put in place, I would stop playing the game on principle alone.