A recent trip to the United States by a colleague of Canadian POS Corporation prompted a conversation about the use of PIN codes in Canada. Apparently, no American merchant visited by our colleague utilized the “insert your card and punch in your PIN” process that Canadians have become used to. Instead, U.S. merchants are still using the age-old “swipe your card and sign the slip” method.
“It felt like I went back in time,” said our colleague, “I even asked them if they ever allow for PINs to be punched in instead of having people sign the slip and many of them acted like they had never heard of such a thing. Imagine the States being so behind the times when it comes to technology. I was really surprised. Canada definitely has the leg up on the U.S. when it comes to payment processing.”
At Canadian POS Corporation, we have been providing Canadian business owners with top-of-the-line POS terminals for many years. And we’re happy to say that both our Countertop and Wireless terminals are second-to-none when it comes to quality and reliability. As well, they are all compatible with EMV chip card technology. It’s probably because we’re all so used to using Interac cards, which have been requesting the punching in of PIN codes for years.
Were you aware that Interac is a Canadian invention? Just like the goalie mask and the telephone, Interac is Canadian-made. As explained by the Interac website, Interac was founded in 1984 when five financial institutions joined forces with their envisioning of one national PIN-based network to connect all Canadians to their money anywhere and anytime. Punching in a PIN, as it were, is nothing new to Canadians.
It shouldn’t be new to your customers either. Evidence suggests that Canadian shoppers far prefer using credit cards and debit cards over cash to make their purchases. With such benefits as rewards points, cash back offers, flexible payment schedules and purchase protection plans, credit cards are widely enjoyed as ways to pay for purchases in Canada. Debit cards happen to be just as popular, if not more.
According to Interac, each year in Canada, the number of debit transactions increase. In 2014, there were 4.9 billion debit transactions made in our nation. That was up from a little over 4.6 billion the year before. Interac also reports that Canada is among the top five nations in the world when it comes to debit card use. Sweden, Netherlands, Australia and United Kingdom are also on the list.
Caroline Hubberstey, Interac’s Director Public and Government Affairs believes that Interac has changed the way that Canadians live their daily lives. “Today, Interac is a successful, world-class payment system that connects Canadians to their money at the ABM, at the store, or online,” she is quoted as saying on Interac’s website. If you’re a Canadian merchant, it certainly pays to allow your customers to use their credit and debit cards in your store.
If you are yet to begin accepting plastic, or you do and would like your POS terminal to be upgraded, contact Canadian POS Corporation at 1-877-748-2884 today! We can have you all set up in as little as three business days with the POS terminals of your choice. We offer the most affordable rates in our industry in addition to round-the-clock customer service. It’s our job to keep you ahead of the curve!