For the most part, Canadian merchants who choose to keep their stores cash-only enterprises do so because of their worry over the fees associated with credit card and debit card acceptance. At Canadian POS Corporation, we proudly offer Canadian business owners the opportunity to reap the benefits of becoming plastic-friendly at the most affordable rates in our industry! And there are many benefits to be reaped.
Here are six:
1. Credit card usage is only going to increase. If you think Canadian shoppers enjoy paying with plastic now, just wait to see how the trend grows over the next few years. On Intuit.com, Bridgette Austin reports that “market-research firm Javelin Strategy & Research forecasts that only 23% of all POS transactions will be made with cash by the year 2017. If statistics are any indication, small business owners who choose the cash-only route will potentially be missing out on a significant chunk of credit-and debit-card sales.”
2. Credit card acceptance encourages impulse buying. When you only accept cash, your customers will only be able to afford so much of what you have to sell. By providing them the option of using their credit cards, they will be a lot more likely to make “impulse” purchases. As Austin points out, impulse buying “has the potential of increasing both the frequency and dollar amount of customer purchases.”
3. It significantly increases customer satisfaction. Which business owner doesn’t want his/her customers to be happy? If customer satisfaction is what you’re after, allowing your customers to use their credit cards will do the trick. “More customers are paying for merchandise and services with credit and debit cards, to the tune of 66%, according to Community Merchants U.S.A.” reports Austin. Clearly, it’s a payment option that makes people happy.
4. It gives your customers peace of mind. As we’ve pointed out in our blog this past Monday, customers aren’t liable for fraudulent charges that appear on their credit card accounts. When they lose their cards or have them stolen, cardholders have the privilege of calling their credit card issuers to cancel the cards and have new ones sent out. Any fraudulent charges are investigated and not the responsibility of the cardholder.
5. It offers safer money-handling practices. Do you really enjoy having to count up all of the cash in your register at the close of each business day? Plastic acceptance makes the practice a lot quicker and easier and practically obsolete. “Credit cards reduce the time and expense of counting, sorting and transporting cash in brick-and-mortar stores,” Austin reminds us, “Additionally, holding less cash on the premises can make businesses less attractive to thieves.”
6. Credit card technology reduces the risk of fraud. “While many may cite an increased risk of fraud as a deterrent to accepting cards, new EMV technology makes credit transactions more secure; so secure it reduced credit-related fraud in the U.K. and Canada by 72% and 42%, respectively,” reveals Austin. So what are you waiting for? Are you ready to reap the benefits that come along with accepting credit cards and debit cards at your store?