How Does Credit Card Acceptance Boost Sales?

Allow us to answer the question posed by today’s blog title with another question. How could credit card acceptance not boost sales? When you consider how many Canadians use credit cards, it only makes sense to allow your customers to take advantage of that payment option. It should also be noted that many Canadian shoppers don’t even walk with cash on them anymore. So credit card acceptance has practically become a must!

Consider the advantages that credit cards give their users.

Not only do they allow consumers to make purchases that they can pay for later (many choose to pay their balances off over time), but many credit cards offer rewards points. According to the Canadian Bankers Association, “research has found that nearly three-quarters of Canadians (72%) carry at least one credit card that has a rewards program and for 82%, rewards are a priority when selecting a credit card.”

Because shoppers are able to attain more for their purchases than just the purchases themselves, it encourages them to spend more. By accepting credit cards, you are pretty much guaranteed to enjoy higher sales rates. After all, you’ll be giving your customers more value for their spending. Not only will your sales numbers increase, but you will be quite likely to enjoy larger transaction sizes too.

“Along with simply being able to avoid missed sales because you do not accept credit cards, you may also be able to benefit from larger transactions,” says Nicole Bryan on Business2Community.com, “This is because many people tend to spend more money when paying with credit cards. Handing over plastic rather than a check or cash is less painful, so consumers tend to spend more. Credit cards also help to increase impulse purchases, since consumers are not tied to whatever amount of money they have in their wallet at the moment.”

To many business owners, not accepting credit cards isn’t even an option.

In fact, they’ve taken things to the point where they don’t even accept cash anymore! On CNBC.com, Trent Gillies reports that there is a growing number of restaurants that consider cash no longer a viable payment option.

“For a variety of reasons, more eateries are refusing to allow cash payment, and only accepting debit and credit cards,” he writes, “One of them is fast-casual chain Sweetgreen, which went cashless last year. Separately, burger giant Shake Shack said recently that it\’s testing a cashless, kiosk-only location.”

At Canadian POS Corporation, we’re not necessarily advocating for Canadian retailers and restaurants to go cashless. We are, however, strong proponents of Canadian shoppers getting payment options. There is far too much evidence that proves that a company’s sales will significantly increase once it establishes a relationship with a payment provider. Naturally, we’d love to offer you that service!

We provide a wide variety of POS options including the Verifone VX 820 countertop and Verifone VX 680 wireless models. The new Poynt Smart Terminal is also highly recommended. But let’s discuss your best options further. Please don’t hesitate to call Canadian POS Corporation at 1-877-748-2884 or email us at info@localhost.