5 Predicted Credit Card Benefits That Will Inspire Use In 2015

On behalf of the entire staff, here at Canadian POS Corporation, we certainly hope you enjoyed an amazing Christmas holiday with your loved ones! Of course, the holidays aren’t quite over yet. In fact, the Canadian POS Corporation offices will remain closed until Monday, January 5th. However, we’d like to take this opportunity to wish you all a very happy new year! Have you made any New Year’s Resolutions yet?

If you own a business and you are yet to utilize POS terminals to allow yourself to accept credit and debit cards as methods of payment, we would highly suggest you put this change at the top of your list. Cash-only businesses are quickly becoming things of the past. It’s important that you don’t allow your business to lose any more customers in 2015 by sticking to an archaic way of accepting payment.

As we pointed out in our last blog, the Toronto Transit Commission will finally be hip to the game as of the first of the year. Be sure to call Canadian POS Corporation at 1-877-748-2884 bright and early on the 5th to discuss ways that we can have you join them. And if you’re not yet convinced that you should accept plastic, consider the many benefits that credit cards will be giving your customers in 2015. Here are five predictions as laid out by Susan Johnston on USNews.com.

1. Expanded credit access. Johnston reports that lenders are likely to loosen their grip on their standards for approving credit cards. Keeping in mind how many Canadians enjoy using plastic to pay for their purchases, this prediction brings to light the fact that even more of them will be pulling out their credit and debit cards in 2015. Canada is quickly becoming a cashless society. Don’t allow your business to get left behind.

2. An uptick in balance transfer offers. Among the many benefits that credit cards provide customers, is the fact that they allow for balance transfers. As you know, this helps consumers to have more flexibility with their payments. Johnston notes that some credit card issuers will be allowing for more zero percent introductory periods. Helping customers with their ability to pay for their purchases over time at low interest rates is a great reason to accept plastic in your store.

3. Increased competition for rewards card holders. It’s hard to find a list of credit card benefits without seeing rewards points on it. “As card issuers compete for new customers, expect to see more competitive cash-back and mileage offers,” predicts Johnston. She goes on to note that additional sign-on bonuses and greater flexibility of points will be used as other incentives to get consumers to use certain credit cards in 2015.

4. More free credit scores. “About a year ago, a few credit card issuers began sharing FICO scores or VantageScores with their customers as part of their monthly statements,” Johnston informs us, “As competition heats up, more card issuers are now offering customers\’ scores for free.” She writes that there is a rising number of credit card issuers who are offering free credit scores as part of their agreements with new clients.

5. Greater innovation around credit card security. Credit card security has always been a shining feature. “Security breaches at several major retailers have made data security a top concern for banks, merchants and consumers,” writes Johnston. Chip cards are highlighted as top reasons why security has been able to be improved over the past several years. Having a POS terminal that reads chip cards will go a long way in putting your customers’ minds at ease.