Who loves credit cards? Canadians love credit cards! But you knew that. Nevertheless, while we’ve been blogging about Canadians and their fascination with credit cards for quite some time now, a recent study has found that Canadians are truly among the world’s leaders when it comes to credit card use. As a Canadian business owner, can you really afford to not accept them?
Just yesterday, Amanda Wawryk of Vancouver’s News1130.com reported that “new research shows we rank number two in the world when it comes to credit card use.” The study was conducted by Consolidated Credit Counseling Services of Canada. The report does note that when consumers use their credit cards irresponsibly, it can lead to an accumulation of debt among other financial problems.
Of course, it is up to each individual consumer in Canada to use his or her credit card wisely. With that said, it’s up to each individual business owner to decide whether or not to accept credit cards. But why wouldn’t you? With credit card usage so popular in Canada, it should probably go without saying that it’s a wise choice to give your customers the option of using their credit cards.
“I found it really pleased my customers when I started accepting the cards,” reported one of our newer clients last week, “They would come into my store and say ‘Oh, you accept cards now!’ and they’d be quite pleased. Next thing you know, I’m getting more people coming in saying that they’re glad I take the cards because they like to earn points and things like that.”
Over the past few months, we’ve blogged extensively about the many benefits that Canadian consumers get from their credit card providers. We’ve outlined how, as a result, it greatly benefits merchants to accept credit cards. Plastic usage, it would seem, is highly popular in Canada in general. That is to say that there is a lot of evidence to prove that Canadians are among the world leaders in debit card usage too.
According to the Canadian Bankers Association, a whopping “94% of Canadians have a debit card to use at retailers or at ABMs to make transactions.” That’s quite a telling statistic. And speaking of statistics, the CBA website goes on to reveal that an incredible “92% of Canadians have at least one major credit card.” So what does this all mean for your business?
Canadians clearly love choice. But the choice they seem to really enjoy is which type of plastic to use when making their purchases. Credit cards or debit cards? The debate, it seems, will continue to rage on. As a business owner, this should only mean one thing to you. Accepting only cash is unacceptable. Can you really afford to not accept credit and debit cards anymore?
If you are not yet accepting credit and debit cards, it’s time to make a change. Contact Canadian POS Corporation and get set up with a brand new POS terminal in as little as three days. You can also upgrade if you currently accept plastic with another provider. Our rates are the best in the business and our customer service is unbeatable. There’s no need to wait any longer. Call 1-877-748-2884 today!