As a Canadian merchant, accepting credit cards as a form of payment can be a great way to increase sales and grow your business. Credit cards offer a variety of benefits for both merchants and customers, and can make shopping more convenient and secure.
Here are four credit card benefits that keep Canadians shopping:
Credit cards offer shoppers a convenient way to make purchases, as they do not have to carry cash or write cheques. This can be especially useful for larger purchases or online shopping. Credit cards are widely accepted for online shopping, making it easier for shoppers to purchase products from the comforts of their own homes.
“Using a credit card is often more convenient than using cash, and it’ll often take up less space in a wallet than a wad of bills,” says Kevin Cash on CreditKarma.com, “Credit cards can be in your pocket at all times, ready to go whenever. Plus, if you lose your card, your issuer can just send you a new one. That’s not the case with cash.”
2. Ease of tracking expenses.
Credit card transactions are recorded and can be easily accessed and tracked through online banking or by receiving monthly statements. This can help shoppers keep track of their spending and budget better.
On Fool.com, Lyle Daly explains just how easy credit card companies have made it for consumers to track their spending. “Just about every major credit card company has its own mobile app now,” he writes, “If you want to track your spending from your phone, you can download your card issuer’s app. Mobile apps generally offer the same services you get online, although features may be more limited.”
3. Rewards and incentives.
Many credit cards offer rewards and incentives for using them, such as cash back, travel points, or discounts on future purchases. This can be a great way for shoppers to save money and make their money go further.
A late 2020 Ipsos study found that “the biggest motivating factor among consumers reporting that they would like to get a new card is to earn better rewards (41%),” reports MediaLogic.com, “When it comes to rewards, 60% of American consumers surveyed by Ipsos state that credit card rewards ‘are very important,’ with the popularity of cash back rewards making them, by far, the favoured rewards currency.”
4. Building credit.
Using credit cards responsibly can help shoppers build their credit score. A good credit score can help them qualify for loans and other credit products in the future, such as a mortgage or car loan.
“Credit cards, when used properly, can help you build credit,” states Cash, “Using credit is generally a requirement for building credit. When you have good credit, the benefits can include better interest rates on mortgages, auto loans and credit cards, among other things.”
Do you accept credit cards at your place of business?
At Canadian POS, we believe there is no easier way to do so than with the revolutionary Poynt Smart Terminal. This Android-based terminal has a suite of business management tools that allow you to keep track of all your orders, reports and inventory in one place. For more information, please don’t hesitate to call us at 1-877-748-2884 or send us a message on our Contact Us page!