5 Benefits To Credit Card Acceptance

Welcome to 2014! On behalf of everyone at Canadian POS Corporation, here’s hoping you’ve had the absolute happiest of new years so far. Now, with the holidays being over, it’s back to the grind again. For many of you, the grind continued right through the holiday season. And why wouldn’t it? In the days that follow Christmas, Canadians are still very busy shopping.

At the beginning of the new year, most people consider doing something new to mark the annual occasion. And while many refer to this new something as a “resolution”, it goes without saying that it just feels right to start fresh when January hits. Perhaps, now is the perfect time to set your business up with a brand new POS terminal. As you are likely aware, there are many great benefits to accepting credit and debit cards.

The Canadian Bankers Association writes that “credit cards offer valuable benefits for both consumers and retailers. And the majority of Canadians use their credit card as a method of payment rather than a means of borrowing.” That means that Canadians are quite savvy shoppers. But, more importantly, it means that you benefit from the nationwide plastic phenomenon. The CBA lists several of these benefits.

Fast, guaranteed payment. When your customers use credit cards, it greatly reduces the length of the line ups at the checkout. Credit card use really speeds things up, especially with the punching in of PIN codes to make a purchase. The CBA writes that if “every credit card transaction took an extra 30 seconds, it would use up an additional 27 million hours of staff time each year.”

No worry about creditworthiness. According to the CBA, a customer’s creditworthiness is not the concern of a store owner. That’s a problem for the credit card issuers to handle. In your case, you have the ability to accept credit cards without worrying about such things as their credit scores, insufficient funds or outstanding receivables. Accepting plastic gives parity to all customers.

Reduced cash on hand. Without having to worry about keeping too much cash on hand, you significantly lower the risk of cash fraud or even robbery. As well, you lessen the time and costs that are associated with cash handling. A lot less time is spent at the end of the day tallying up the cash in the register so there is a lot less to worry about when it comes to potential mistakes by cashiers.

Increased sales. This point may be the most important one to a business owner. Who would ever complain about an increase in sales? Well, if you accept credit cards as methods of payment at your store, that is what you can expect. The CBA notes that offering a variety of payment options is a customer-pleaser. You’re bound to get more customers when you make the payment process easier.

Expanded markets. As we’ve blogged about in recent weeks, online shopping is hugely popular. And while it’s growing in popularity during the holiday season, it remains a top option for consumers all throughout the year. Of course, when you accept credit cards, you allow your brand the ability to sell to customers throughout Canada and the entire world.

Call Canadian POS Corporation at 1-877-748-2884 to get set up with a new POS terminal today!