Cash-only businesses are a dying breed. But they do still exist. There is a small number of small business owners who are of the mind that it’s not worth paying the fees that are associated with accepting credit cards and debit cards. However, as the vast majority of Canadian entrepreneurs have learned, becoming plastic-friendly is a big-time business-booster!
Here are five reasons why:
A “cash only” sign may as well read “small time”. Consumers associate a store’s acceptance of credit and debit as a sign that it is keeping up with the times. It helps for shoppers to develop higher opinions of the store. Because so many Canadians have long-established relationships with their credit card issuers, they consider stores that don’t accept them to be outdated and unlikely to be all that successful. To grow the image of your brand, an acceptance of credit and debit is highly recommended.
Business owners all over Canada have reaped the benefits of increased sales almost immediately after accepting credit and debit. By offering payment options, customers know that they won’t be restricted to spending only up to the amounts of cash they have in their pockets. They know that with the ability to use a credit card, they can each make more purchases – including big ticket items. Not only will offering payment options increase sales, it will grow your customer base as well.
As mentioned, the acceptance of credit and debit encourages shoppers to buy more from you. That includes items that they didn’t even intend on buying when they first walked into your store. Having items of interest located near the cashier is a great way to help your cashiers upsell. By only accepting cash, you practically insist on having your customers turn down such offers. Credit card acceptance, on the other hand, makes it so much easier for customers to say “why not?”
Chances are that your competitors are accepting credit cards and debit cards as methods of payment. By remaining hesitant to do the same, you’re basically asking the members of your customer base to choose your competitors over your company. To maintain your competitive edge, it’s very wise to ensure that you’re meeting all of the needs of your customers. And that includes accepting their cards.
In 2018, who isn’t shopping online? Your customers will greatly appreciate being given the option of making purchases directly from your website. Of course, you can only make that possible if you accept credit card payments. An investment in an e-commerce solution has been proven to be major business-booster. But you need to become plastic-friendly to do it!
For information about how you can begin to accept all credit cards (Visa, MasterCard, Discover and American Express) in your store, please don’t hesitate to call Canadian POS Corporation at 1-877-748-2884 or email us at firstname.lastname@example.org. Be sure to ask us about our Countertop and Wireless POS terminals as well as our e-commerce solution!