In yesterday’s blog, we revisited the topic of Canadian shoppers and their love for credit cards. It only made sense that we make the blog a two-parter considering that there are so many reasons that people love to pay with plastic. And why wouldn’t they? Cusotmers get Air Miles, cashback and other rewards just for using credit cards every time they buy something. But the benefits don’t end there, as you are very well aware.
As Felicity Hannah points out on MoneySupermarket.com, credit cards also allow shoppers to spread their payments out over time. If used wisely, credit cards can help to make lives much easier by not having to worry about spending money immediately on big ticket items. As well, balance transfers help for people to lower interest rates on outstanding balances, if necessary. Plus, credit cards really come in handy when travelling!
But if you read yesterday’s blog, you’d know all of that already. In today’s blog, we’d like to revisit Hannah’s list of reasons that customers prefer credit cards to drive home an important point. And that is, if you are a business owner who is not yet accepting credit cards as methods of payment, you are most certainly hurting your company’s chances of growing. Let’s look at another five reasons your customers want you to accept plastic.
1. To build a credit rating. If you want to buy a car, you’ll need good credit. If you want to buy a house, you’ll need good credit. So how does one obtain a good credit rating? By making sure that they are always on time with their credit card payments. But what if a person doesn’t use a credit card? See the problem? Customers like using credit cards to build their credit ratings up. Is your place of business helping them to do that?
2. To donate to charity. It may not be the most popular reason that people prefer to pay with plastic, but it’s arguably the best one, isn’t it? “Not everyone wants to make a regular charitable donation but there are credit cards out that that pay a small amount to a charity of your choice every time you spend,” informs Hannah, although she admits that “you would probably earn more using a cashback card and then donating the money you make.”
3. To get great discounts. Canadians love shopping. And they sure do love paying with their credit cards. But give them the opportunity to save money while doing it, and they’re all over it! Who wouldn’t be, right? Many credit card companies provide discounts for various types of spending depending on their brand. Savvy shoppers look closely into the many credit card programs out there when making decisions to sign up for the ones that best suit their needs.
4. To save money on groceries. And wouldn’t you know it? Everyone needs to eat! If you own a supermarket, it pays to accept credit cards. We recently spoke to a colleague who changed stores because the one he used to frequent wouldn’t accept his credit card. Many shoppers enjoy getting discounts and cashback rewards from grocery stores that are affiliated with the credit cards that they use. It’s a benefit that keeps on giving. Food, you see, will never go out of style!
5. Keep your credit score sparkling. It’s one thing to have credit. But, as mentioned earlier, it’s another thing to have good credit. Credit card usage helps for consumers to keep their credit scores high through diligent payment practices. But as Hannah points out, “whatever the reason you use a credit card, keep an eye on the market to make sure you\’re carrying the most competitive card for you.”
Don’t miss out on providing all of these benefits to your customers. Call Canadian POS Corporation at 1-877-748-2884 to start using the best possible POS terminal to accept credit cards today!