How Offering Payment Options Can Lure Customers

With the holiday shopping season currently at a fever pitch, we can only imagine what the average credit card balance in Canada is right now. If you’re a Canadian retailer, chances are you’re quite pleased about what your bank account is looking like right now. Needless to say, this is the busiest shopping season of the year. And retailers who offer a variety of payment options are reaping all the benefits.

If you’re still running a cash-only business, on the other hand, you’re missing out on a lot of support. The majority of Canadian consumers much prefer to have options when it comes to how they pay for purchases. By ditching the cash-only model and offering payment options such as credit cards and debit cards, you will lure a lot more customers into your store. Would you like to know how?

It makes your company look more legitimate.

There’s a very important sign to place at your storefront and at your cash registers. You know the one. It’s the sign that contains the logos for Visa, Mastercard and Interac. Everyone knows what that sign means! It indicates that your store accepts credit cards and debit cards. And, for many consumers, that sign makes your store look like one of the “big boys”. A store that offers payment options is often seen as more reputable and legitimate than cash-only businesses.

According to Corey Rudl on Entrepreneur.com, “accepting credit card payments builds credibility in the minds of potential buyers (since you look like a ‘real’ business), makes it easy for buyers to make impulse purchases, and provides you with a fully-automated payment collection and tracking system.”

Giving consumers payment options provides them with security.

Firstly, a credit card purchase is generally covered by the credit card issuer’s insurance programs. In most cases, items that are lost, stolen or damaged are covered. As well, extended warranties are often granted by many credit cards. Secondly, a credit card used for an online purchase is usually saved in the merchant’s system, enabling a shopper to have very easy follow-up shopping experiences.

“There’s a good chance that you have repeat customers who have a go-to payment method when they shop on your site,” writes Albert Costill on Upwork.com, “Security is a major concern for online shoppers.”

It makes shopping in your online store more desirable.

Newsflash: online shopping continues to grow in popularity. And, as you know, it’s never more popular than when the holiday shopping season rolls around. When you offer payment options to customers, it almost automatically indicates that you accept various payments online. And, by selling your products online, you significantly improve your company’s bottom line.

“Since 90 percent of all Internet payments are made by credit card, your first priority should be to get yourself set up with this payment option as quickly as possible,” insists Rudl, “I’ve seen businesses increase their sales by as much as 400 percent right after they gave their buyers this convenient way to pay.”

At Canadian POS, we strongly believe there’s no better way to accept credit cards and debit cards than with the revolutionary Poynt Smart Terminal. Please don’t hesitate to call us at 1-877-748-2884 or email us at info@cdnpos.com to learn more!