And now to unveil the worst kept secret in the Canadian retail industry: Consumers much prefer paying with their credit and debit cards! It’s really no secret at all that Canadians enjoy payment options that allow them to pull out their plastic cards of choice in order to complete their purchases. It’s widely known that people don’t often carry cash on them anymore. So, it only makes sense for your store to provide payment options to its customers.
What are the main benefits of accepting credit and debit cards from your customers? Here are three:
1. They give shoppers peace of mind. There are several ways that peace of mind is attained by credit card users. Firstly, it allows them to spend money without having to worry about that money being released from their bank accounts until the due dates of their bills. Credit cards provide short-term, interest-free loans. As long as a full payment is made by a due date, no interest accrues on an account.
Therefore, customers can make purchases for items before they actually have the money to afford said items. Being given extra time to make an actual payment for the purchase puts a lot of people’s minds at ease. Secondly, debit card users don’t have to worry about going to the ATM to pull out cash. This can be troubling to some individuals who fear loss or theft of cash – something they won’t get back. A lost or stolen card, however, can easily be replaced.
2. They encourage an increase in sales. When consumers no longer have to worry about carrying around exact cash on their persons, they also relieve themselves of the worry about being able to afford items of their choice. A credit card or debit card is the perfect solution to the problem of not knowing exactly how much something may cost. Both are especially useful for big ticket items.
Naturally, most people choose not to walk around with large sums of cash on them. Using credit and debit gives people more freedom to spend without worry. These convenient payment options are also known for encouraging impulse buys. Those are the type that occur in-store. The customer didn’t enter the store to make the purchase, but the decision to pay for an item that suddenly becomes of interest is made easier when credit and debit are accepted.
3. They promote better cash flow. Remember when you used to accept cheques? Maybe you still do. If so, you know all-too-well your requirement to go to your bank in order to deposit those cheques. How long does that usually take you? How many trips to the bank do you tend to make in a week? Or in a month? Credit card and debit card payments are automatically transferred into your bank account within a day or two of the transactions. That means little or no bank trips.
This also means that your business is able to make use of its earnings at a much quicker pace. All business owners know the importance of cash flow. Getting money quicker is a huge benefit of credit card and debit card acceptance. Not to mention, it makes for much easier accounting. Electronic payments help to keep things organized and structured as it relates to tabulating your profits.
Be sure to check back for our next blog as we continue to outline the benefits of accepting credit cards and debit cards from your customers. For more information on how you can begin to do so using Canadian POS Corporation’s POS terminals, give us a call at 1-877-748-2884 or email us at info@localhost. Be sure to ask us about our Countertop and Wireless options!