Is It Really Worth It To Accept Credit Cards?

Having worked with numerous Canadian business owners for so many years, the Canadian POS Corporation team has become well aware of a very important fact. And that is that business owners who choose to only accept cash in their stores do so predominantly because they feel that the fees associated with accepting credit cards and debit cards are too high.

This feeling has grown, somewhat, in recent weeks, due to the fact that Wal-Mart has announced that it will no longer accept Visa cards in Canada. Several news reports have revealed that the department store giant feels that Visa’s fees are “unacceptably high”.

The truth is, however, that the vast majority of Canadian business owners who do accept credit cards and debit cards have found that the benefits far outweigh the costs. This is certainly true for clients of Canadian POS Corporation as we offer the most affordable rates in our industry!

So what makes it so worth it to accept credit cards? Well, it’s important to remember that most Canadians prefer paying with plastic. There is no shortage of shoppers in our nation with credit cards in their wallets and purses. In fact, according to the Canadian Bankers Association, there are 72 million Visa and MasterCard cards are in circulation in Canada!

As well, statistics have shown that credit card acceptance almost immediately boosts sales for retailers who become plastic-friendly. Think about it. Making the decision to accept plastic literally offers you 72 million more possibilities to make sales. And while it’s obvious that not every Canadian will purchase from you, it’s just as clear that you give yourself more opportunities to make sales when there are more payment options available to the public.

Just how much do Canadian shoppers enjoy using credit cards? “When making a purchase, consumers can choose to use cash, cheques, debit cards, credit cards as well as electronic payments services like PayPal and Interac Online,” says the CBA, “Eighty-nine per cent of adult Canadians have at least one credit card and this method of payment is the choice for the overwhelming majority of retail e-commerce transactions.”

This is a point that should not be understated. In today’s world, purchases aren’t always made in-store. The advent of online shopping has produced countless possibilities for consumers to get their hands on highly sought-after items without having to leave the comforts of their homes. To sell your goods online, you’ll need to accept credit cards in order to get an adequate share of the market.

So, yes…it\’s definitely worth it to accept credit cards! At Canadian POS Corporation, we provide our customers with top-of-the-line options. Whether they prefer Countertop or Wireless terminals, we have them covered. We also offer an excellent e-commerce solution for companies that wish to get in on the constantly-growing online shopping craze. For more information, call Canadian POS Corporation at 1-877-748-2884 or email us at info@localhost.