Enough With The “Cash Only” Thing Already!

If the title of today’s blog appears a bit brash, then it’s done its duty. At Canadian POS Corporation, we pride ourselves on providing our clients with excellent customer experiences. Insisting upon offering unbeatable customer service, we take great pride in the relationships that we continue to build with the members of our client base. So, please be aware that we don’t mean to be rude by entitling today’s blog in such a fashion!

However, the truth hurts, as they say. And, quite frankly, Canadian merchants who have yet to discard the whole “cash only” way of doing business are only hurting their businesses. We feel that it’s important to point out that there are many reasons why Canadians shoppers much prefer to support companies that give them payment options.

Even for many customers who prefer to pay with cash, having payment options is enough to make them choose one business over the other. “Accepting credit cards at your business — whether you have a physical location or operate solely online — has been a proven way to attract and retain more customers,” says John Rampton on Inc.com, “This is due, in part, to the fact that many people like to have the option of using their credit cards as payment.”

Why wouldn’t you want to provide your customers with options?

Even if you consider the current state of your business to be a successful one, you could always stand to grow its success by becoming plastic-friendly. On the vCita blog, Nayo Carter-Gray lists the various reasons that some merchants still don’t accept credit cards. Among them are the ideas that they won’t get their payments in timely fashions or that they don’t want to pay processing fees.

She notes, however, that even the biggest of corporations see greater bottom lines once they provide payment options. “In some cases, credit can actually increase your overall profits,” writes Carter-Gray, “Consider this old-school study from fast food giant McDonald’s, whose profits soared by a staggering 55% once they started accepting credit cards.”

“Cash only” companies are suffering continent-wide.

No need to take it just from us. Vermont-based Union Bank stresses the fact that business owners who avoid accepting credit cards are costing their businesses a lot of money. By insisting upon a “cash only” way of doing business, they are literally asking their would-be customers to shop somewhere else.

“Those ‘Cash Only’ signs next to some companies’ registers can become deterrents to business growth,” reads the Union Bank website, “All too often when greeted with signs that require them to find an ATM to complete their purchase, shoppers simply leave and do not return. Instead, they take their hard-earned money and go to a store where they can conveniently make a purchase on their credit or debit card.”

Let’s do away with the “cash only” thing already, shall we?

Contact Canadian POS Corporation to find out how we can quickly and easily get you set up with high-quality POS terminals that accept credit cards and debit cards. You can choose from a variety of options including our Countertop and Wireless models. Please don’t hesitate to call us at 1-877-748-2884 or email us at info@localhost today!