By now, it’s no secret that customers enjoy many benefits of using credit cards to pay for their purchases. Among the most popular are rewards points, flexible payment schedules and the building of credit scores. But what’s in it for the retailer? Quite a lot, actually! “Since I started accepting the cards, business has picked up,” commented one of our newest clients recently, “People just like using the cards better. It’s easier for them.”
With Canadians being so quick to choose cards over cash, retailers from all over the country are improving their businesses by being equipped with POS terminals that accept such payments. Cash-only businesses seem to be very few and far between these days. But they still exist. At Canadian POS Corporation, we imagine that some of the hesitation to accept plastic comes from the fear that too great a charge will be levied for doing so.
We’re happy to announce that we offer our clients the most affordable rates in our industry. And we’re yet to meet a client who hasn’t found that the fees far outweigh the benefits. You don’t just have to take our word for it though. The Canadian Bankers Association reports that there are many benefits for retailers who accept credit cards. If you’re still limiting yourself to accepting only cash, you may want to read on. Here are five benefits retailers get by accepting credit cards.
1. Fast, guaranteed payment. Credit card acceptance allows you to reduce the line-ups at the checkout. No more fumbling for change or trying to count up the right amount of cash. Credit cards make transactions quick and easy processes. According to the CBA, “if every credit card transaction took an extra 30 seconds, it would use up an additional 27 million hours of staff time each year.”
2. Less hassles. When a customer uses a credit card to pay for his or her purchase, that person’s credit history is his or her problem – not yours. In other words, you don’t have to worry about whether or not your customer actually has the money to afford the purchase. The truth is, you are allowing that customer the freedom to spend as much as his or her credit limit allows. Credit card acceptance gives you “the ability of accepting credit without worrying about the creditworthiness of customers, insufficient funds or outstanding receivables,” says the CBA.
3. Reduced cash on hand. This lowers cash handling time and costs. The counting of cash, that your employees may be used to at the end of each business day, will take a lot less time. In some cases, it may take no time at all. As the CBA points out, this will significantly reduce the “likelihood of theft and pilfering and potential mistakes by cashiers.” Accepting credit cards guarantee you your money without the worry for physically collecting it yourself.
4. Increased sales. This is arguably the most important reason to accept credit cards. All business owners want to increase their sales, don’t they? One sure fire way to boost business is to give your customers payment options. You will quickly notice that more people will be entering the doors of your business location when you begin to accept plastic. Quite simply, it’s what Canadian consumers want.
5. Expanded markets. According to the CBA, credit card acceptance gives you the “ability to sell to customers throughout Canada and around the world in the currency used by the retailer.” Don’t worry about not being able to accept foreign currency. Accepting credit cards means that you’re able to offer merchandise and services to people who are visiting your store from all over the world.
To begin accepting credit cards or to upgrade from your current provider, contact Canadian POS Corporation at 1-877-748-2884 today!