In our last blog, we pointed out a few of the most significant reasons that Canadian shoppers prefer to pay for purchases with their credit cards instead of cash. Rewards points, credit building and purchase protection are three major benefits that paying with cash cannot provide any customer. So it makes sense to accept credit cards as methods of payment in your store, does it not? The Huffington Post sure thinks so.
“The convenience of being able to swipe your credit card instead of constantly running the ATM or having to count out the exact amount is pretty obvious,” it reads on their website, “Many car rentals, hotels and airlines also won\’t take cash or even debit cards anymore. The major benefit, though, is having a detailed list of everything you\’ve spent money on each month. Having an online account of all your transactions makes it easier to set up and enforce a budget.”
Convenience is important to everybody. So to make the lives of your customers easier, you should provide them with the type of convenience that they’re looking for. In fact, Canadians have proven that they are comfortable living in a “cashless society”. Many people admit to not ever carrying any cash around with them anymore. That’s bad news for businesses that are still cash-only. Therefore, there are many benefits to credit card usage that store owners should know.
Here are three more:
1. Additional time to make payments. Quite obviously, credit cards allow customers the ability to take some extra time before actually making their payments for their purchases. Payment schedules work like mini-loans, and this greatly helps people who are on a budget or need to receive pay from their work before they can afford their purchases. Madison DuPaix points out that this is a big time benefit on MyDollarPlan.com.
“A great thing about using credit is just that…you are purchasing on credit and the payment isn’t due until a month later,” she writes, “That leaves the money in the checking account for an extra month to earn interest.” By earning interest on the money that you do have saved in your bank account, you are essentially making money by not having to use it to pay for your purchases the day that they are bought.
2. Balance transfers. Credit cards also allow for customers to transfer balances into lower interest rate accounts to help with those payments. “Credit cards frequently offer balance transfers at 0%,” DuPaix points out. This basically extends the time that people have to pay for their purchases even further – without having to pay any extra interest. Of course, the alternative is paying for the balances in full to avoid any interest charges at all.
3. Gas station convenience. This is a benefit that hasn’t often been listed in our blog posts. But it deserves a lot more credit. Everyone who drives needs to put gas in their cars. And the pay-at-the-pump features that nearly every gas station has nowadays is a major plus for users of both credit and debit cards. They save customers the inconvenience of having to go into the stores to pay for their gas purchases.
“With sleeping kids in carseats it’s much easier to pay at the pump than to have to run in and pay cash,” states DuPaix. No matter your business type, it’s always easier to accept plastic than it is to accept paper…and coins. Do away with sifting for correct change. And give your customers the benefits that they enjoy. Accept credit and debit cards with top-of-the-line Countertop and Wireless terminals from Canadian POS Corporation today!
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