If you accept credit cards in your store, you’re doing a lot more than simply offering your customers a convenient way to pay for their purchases. You’re enabling them to take advantage of the many benefits that come with using their credit cards. The vast majority of credit card issuers offer special perks to their cardholders. As a result, your acceptance of credit cards gives consumers many additional reasons to shop in your store.
There are numerous credit card perks out there! Here are three great ones:
1. Rewards points.
Collecting points for your credit card spending is one of the most popular perks that come with this payment type. Many credit card users relish the opportunity to collect points that can be put toward such travel benefits as airline tickets, hotel stays and car rentals. However, rewards points aren’t exclusive to travel.
As Adrienne Fuller and Emma Balmforth explain on Finder.com, many credit cards enable point collection to be put towards eligible purchases like gas and grocers. “Rewards credit cards let you earn points to redeem with the providers rewards program for perks like flights with partner airlines, merchandise from the providers store or cash back,” they write, “Travel rewards credit cards, on the other hand, let you earn flights with specific airline loyalty programs.”
2. Roadside assistance.
Many consumers love merchants who accept credit cards because it allows them to take advantage of services that aren’t even related to their purchases. A CAA (Canadian Automobile Association) membership is a great example. As Maria Weyman points out on CreditCardGenius.ca, many people pay for such memberships, but you can get something nearly as good for free through a few credit cards.
“Free roadside assistance is actually offered by 6 Canadian credit cards – 3 of which are from BMO,” she informs. Those cards are the BMO CashBack World Elite Mastercard, the BMO CashBack World Mastercard and the BMO Shell CashBack World Mastercard. “Another is the TD Cash Back Visa Infinite Card, which offers complimentary roadside assistance through a TD Auto Club Deluxe Membership,” Weyman adds.
When you use a credit card, you’re not actually paying for the product or service…yet. You’re given the opportunity to make an official payment to your credit card issuer before a pre-set due date. You also have the option of paying that balance in full or extending payments over time. Between the time of the purchase and the due date, no interest is charged. Interest begins to accrue if payment isn’t made in full before the due date.
Essentially, credit card use provides people with mini-loans. “You can get interest-free days,” note Fuller and Balmforth, “If you pay your balance in full before the statement period ends, you can be rewarded with interest-free days on future purchases for a set period of time. This is also known as the interest-free grace period.”
Are you allowing your customers to enjoy the great perks that come with credit card use? At Canadian POS, we strongly believe there’s no better way to accept credit cards than with the revolutionary Poynt Smart Terminal. Please don’t hesitate to call us at 1-877-748-2884 or email us at info@localhost to learn more!