Readers of the Canadian POS Corporation Blog know all about why Canadian business owners should be accepting credit and debit cards as methods of payment. Canadian shoppers love using them. And there are several reasons why. In many of our past blogs, we have outlined the various benefits that come along with credit card use. Because credit cards provide shoppers with so many perks and frills, it makes you wonder why some businesses don’t accept them!
After all, credit cards that benefit shoppers benefit the store owners who accept them. When you think about it, credit cards allow you to provide more than just the products and services you sell. By giving your customers more opportunities to take advantage of all of those perks and frills, your place of business becomes that much more worthwhile. This is a point that we’ve often touched upon in our blogs.
But you don’t have to just take our word for it. As always, we research the internet to find various perspectives about credit cards and report back in our blog. Admittedly, not everyone is a fan of credit cards. But the proof is in the pudding – so to speak. There is overwhelming evidence to support that it is good for business to accept plastic. But again, don’t take our word for it. Consider the reasons outlined by Felicity Hannah on MoneySupermarket.com.
1. To spread payments. When you allow for your customers to use their credit cards, you help them with their payments. While you get paid within a day or two, the customer doesn’t actually have to let go of any money for several weeks. This is because credit cards allow consumers to spread the cost of their purchases over time. Hannah describes this as one of the “major perks” of a credit card.
2. To cut the cost of existing debts. “If you owe money on an existing credit card you may be able to reduce the cost by transferring it over to a card charging a lower rate of interest,” writes Hannah, “This is known as a balance transfer.” Balance transfers allow consumers to also potentially lower the interest rates on their balances depending on which credit cards they are using to process the transfers.
3. To spend overseas. One of the best reasons to accept plastic is so that you can allow for visitors to Canada to spend with you. When travellers don’t have to worry about converting their cash, it makes their trips a lot more enjoyable. As Hannah points out, “changing money can be an unexpectedly high cost for holidaymakers and this is another area where having the right credit card can help.”
4. To earn cashback. A top benefit to using credit cards to buy things is that they give customers points for spending. These points can be converted to cash, as explained by Hannah when she writes that “if you pay your credit card off in full each month, a cashback card could be great as you\’ll earn money each time you spend on the card.” By paying with cash, customers are guaranteed to not get any cash in return.
5. To earn Air Miles. Speaking of points, Air Miles are among the most popular credit card benefits available. In fact, many customers have referred to their credit card spending as ways that get them “closer to vacations”. Travel rewards are arguably the best thing to come out of credit card usage. People everywhere can earn discounts on flights, hotels, car rentals and more just by using their credit cards regularly.
Be sure to check back for tomorrow’s blog in order to learn about some other great benefits to credit card usage. And give Canadian POS Corporation a call at 1-877-748-2884 to make sure that you’re using the best possible POS terminal to accept those credit cards!