4 Important Facts About Credit Card Acceptance

In 2018, Canadian consumers have several expectations of your business. Among the top expectations is that your business is easy to find online. It should go without saying that the internet’s popularity makes it a go-to destination for all would-be shoppers. Comparing prices, browsing items and even making purchases directly are all activities that are performed online each and every day.

Another expectation your customers will have from you is that you offer them payment options. The “cash only” business is on its way out. Without offering Canadian shoppers the ability to choose between paying with cash, credit or debit, you’re practically asking people to not support your business.

If you’re not yet accepting credit cards, it’s important for you to consider some important facts. Here are four:

1. Credit card acceptance breeds increased customer traffic.

By placing the logos of Visa, MasterCard and Interac at your storefront or by your cashiers, you communicate to all of your visitors that you are plastic-friendly. To them, it means they can depend on you as a viable source for all of the needs that your industry provides. The simple ability to choose a payment option is a huge factor in whether or not people will choose to support your store. If you wish to increase the size of your customer base, you could do a lot worse than to tell its members that you accept their cards.

2. Credit card acceptance provides consumers with greater security.

When you inform the members of your customer base that your store accepts their credit cards, you effectively communicate to them that they don’t have to walk around with cash. That means that they are at much lower risk of losing that cash, or worse, having it stolen. As you’re well aware, lost or stolen cash is gone forever. A lost or stolen credit card can easily be replaced without the cardholder being responsible for any fraudulent charges that may have occurred.

3. Credit card acceptance encourages impulse buys.

If customers see items they didn’t expect to buy, but would like to, cash becomes a barrier. Naturally, people can only spend as much as the cash they have on them will allow. With a credit card, however, shoppers can spend to the limits on their cards. Generally speaking, those limits are a lot more than the average amount of cash that people carry around. Your acceptance of credit cards means that you’ll be selling a lot more items to those who have the impulses to buy them.

4. Credit card acceptance means that you’ll be making more money.

It really is that simple. Not only are you bound to make more sales, but you’ll be able to benefit from the larger purchases that American Express cardholders tend to make. “Our Cardmembers spend more money, on average, than any other credit card holders,” the Amex website boasts, “According to research undertaken in November 2011, it was found that in a three month period American Express Cardmembers spend on average 43% more than non-Cardmembers.”

For information about how you can begin accepting all credit cards (Visa, MasterCard, Discover and American Express) in your store, call Canadian POS Corporation at 1-877-748-2884 or email us at info@localhost. Be sure to ask us about our Countertop and Wireless POS terminals!