At Canadian POS Corporation, we strongly believe that it is integral to the success of all Canadian businesses to accept both credit and debit cards as methods of payment. The days of cash-only businesses are over. Still, some business owners assume that there aren’t enough benefits to accepting plastic and continue to choose not to. They couldn’t be more wrong!
Not only do merchants who accept credit and debit increase their sales, but they give themselves a much more prestigious impression by keeping up with the times. Canada is practically a “cashless society”. Canadians love the convenience of not having to keep cash on their persons as well as having the flexibility to spend to their heart’s content. Interestingly, overspending is one of the reasons that some people don’t believe in credit.
But as Adam Dachis points out on Lifehacker.com, people who pay interest on purchases made with their credit cards have no one to blame but themselves. “All the problems with credit cards are the result of user error,” he writes, “If you don\’t want to pay interest, pay your balance monthly. You can even do it automatically through your checking account so it sort of works like a debit card.”
As you can imagine, people also have their reasons for not believing in debit. And that’s because they argue that there are far more perks that come with using their credit cards. Travel rewards points are constantly listed as reasons to use credit cards over debit cards. As a result, pulling out a Visa or MasterCard that is tied to a points program is bound to increase the value of any given purchase.
The benefits to using credit cards continue, says Dachis. And they include the fact that they help to build your credit. “If you have a good credit score, you can get more credit and better credit cards,” he explains, “but there are other benefits like home and car loans. Few people make either of those purchases with cash—especially homes—and you need proof you can pay your bills in order for banks to trust you with large amounts of their money.”
Dachis reiterates, however, that credit cards require discipline and “great responsibility”. As mentioned, customers should not use credit cards as if they are passes to buy anything they want. But, as a business owner, you should take great pleasure in the fact that credit cards provide your shoppers with the flexibility to spend as they please. They are not limited by the amount of cash in their wallets.
Accepting both credit and debit cards communicates that you are willing to let customers make choices for themselves. And one thing’s for sure. Canadian shoppers like options. Not providing such payment options only ensures that you’ll be turning customers away. And why would you want to do that? Paying with plastic is the norm these days. Cash-only businesses are a dying breed.
Contact Canadian POS Corporation at 1-877-748-2884 to begin accepting both credit and debit cards today and do away with your cash-only ways. Or, if you’d like to upgrade your current POS terminal, we’d love to hear from you as well. You can be set up with your own new machine within three business days. And you’ll immediately enjoy increased sales and greater customer satisfaction by welcoming credit and debit cards to your store!