Over the past several weeks, we have blogged pretty extensively about the merits of using credit cards over cash. As a business owner, it’s important to offer your customers these payment options. For entrepreneurs who don’t see the benefits of accepting Visa, MasterCard and Interac cards as methods of payment, perhaps it would be wise to try to see things from the customer’s point of view.
On DigitalPersonalFinance.com, there are many reasons given as to why customers should use credit cards over cash. If you run a store that isn’t set up with its own POS terminal to accept credit and debit cards, you’re not offering your customers the benefits outlined on the following list. Take a look and see if it doesn’t change your thinking about accepting plastic at your place of business.
Easier to Track Expenses. When customers pay with cash, there is no definitive record of their spending unless they keep each of their receipts and calculate their own running totals. And how many people do you know who actually do that? Credit card users, on the other hand, have this done for them automatically. Each month, their bills provide them with a lot less work to do.
No Need to Carry Change. Even though Canada has gone and nipped the whole having-to- have-exact-change thing in the bud by eliminating the penny, credit and debit cards still allow customers to not have to worry about digging through their pockets for change. And what happens if they don’t have exact change? Do you tend to let them off? Accept plastic and this will never be an issue.
Rewards Points. As we’ve mentioned a number of times in the past, the acceptance of credit and debit cards provides your customers with added value to their purchases. Cash offers nothing but the exact item being purchased. Credit cards that offer reward points, however, mean that when people shop in your store, they are bringing themselves closer to free bonuses.
For most people, it’s all about travel rewards. Every purchase means getting one step closer to free airline tickets, hotel stays, car rentals and more. Can paying with cash do that for you? When you accept credit and debit cards at your place of business, you are giving your customers opportunities to take vacations. That’s quite a step up from making a simple purchase!
Avoid The ATMs. When a customer is able to pay with a credit or debit card, he or she no longer needs to worry about carrying cash. That also means avoiding trips to the ATM. There are times when late night trips to the machine can present the threat of danger. Why carry cash when a single card can do the trick? Allow your customers the peace of mind in knowing that it doesn’t matter how much cash they have available.
All the average shopper needs is a bit of discipline. For the most part, consumers should treat their credit cards as cash. That means only buying what they can afford. Trouble comes when they are unable to pay off their balances in full. Most Canadian shoppers are very savvy, however. They know to buy what they can afford. And they also know how to get the most value out of their purchases – by paying with plastic!
Contact Canadian POS Corporation at 1-877-748-2884 and get set up with a new POS terminal in an early as three days!