All across Canada, consumers are going shopping – and they aren’t carrying any cash on them at all! Perhaps, a decade or so ago, this circumstance would appear preposterous. After all, how is anyone supposed to go shopping without money? Well, as we all know, 2018 is a year when nearly all things are digital. And this, of course, applies to the ways in which we carry our money.
Canadian shoppers are very savvy. They know that they have payment options. And, for the most part, credit cards and debit cards are highly-selected methods of payment. That means that people don’t have to carry cash on them anymore. “Cash only” businesses are dwindling. And that’s because Canadian consumers are largely going the way of the insert-and-punch-in-your-PIN style of paying for their purchases.
If you want to be successful – no matter your industry – it’s imperative that your business is plastic-friendly. The benefits are many. Let’s revisit a few.
It will improve your customer relationships.
In 2018, consumers aren’t just looking for digital methods of payment. They’re looking for excellent shopping experiences. It’s not enough to simply provide top-quality products and services. People want to like the businesses they support. When you step up your customer service, you become a lot more likely to keep customers coming back. Credit card acceptance helps to keep waits at the checkouts shorter. This is a big customer-pleasing situation.
“Offering the option to pay by credit card enhances the purchasing experience for your customers,” says the FreshBooks Blog, “With credit cards, transactions are streamlined which means your customers enjoy a speedier and more convenient way to pay. Faster transactions mean shorter line-ups and wait times, both of which deter customers from shopping at a store. 70% of consumers are less likely to return to a store if they experience long waiting times on one occasion.”
It\’s bound to increase sales.
Isn’t this what all business owners want? By placing a sign indicating that you accept Visa, MasterCard and Interac at your store, you automatically intrigue more shoppers to enter its front doors. Inevitably, this translates into a significant boost in sales.
“According to a survey conducted by Intuit, 83 percent of small businesses that accepted credit cards saw increased sales,” reports David Iafrate on StartupNation.com, “Of those surveyed, 52 percent made at least $1,000 more a month and 18 percent made at least $20,000 more a month!”
It betters your cash flow.
The age-old way of doing things was to accept cash payments and then decide upon a time when you’d deliver your earnings to the bank. Of course, the time it took to make your deposits varied depending on your busy schedule. With credit card acceptance, you need not worry about how long it takes to officially inject cash into your company’s bank account. With each transaction, you make automatic deposits.
“With credit cards, you get paid quicker because you don’t waste time sending invoices, tracking down NSF (non-sufficient funds) checks, and waiting for funds to clear (which can take up to 90 days),” FreshBooks, “When you accept credit cards, the process is automated and the money is deposited within 48 hours.”
Are you ready to start accepting credit cards? Contact Canadian POS Corporation today by calling 1-877-748-2884 or emailing info@localhost to learn how you quickly you can be set up with our Countertop or Wireless POS terminals!