Weighing The Pros And Cons Of Credit And Debit Cards

As a Canadian business owner, one of the most important things you can understand about your customers is how they like to pay. Take note of how many customers you have who pay for their purchases with their credit cards. How many pay with their debit cards? How many still pay with cash? We’re willing to bet that the majority of your customers prefer to pay with either their credit or debit cards. Cash-payers are a dying breed.

“I don’t recall the last time I paid for anything with cash,” commented one of our colleagues earlier this week, “Using my credit card is so much more convenient.” Interestingly, another colleague of ours overheard this statement and decided to butt in. “Credit cards? Never use ‘em,” he insisted, “It’s debit cards all the way baby. I’m never going to pay interest on anything I buy. It’s a waste of money.”

Of course, our first colleague was quick to point out that he too, never pays interest on anything he buys. As most people know, if you pay off your credit card in full each month, there are no interest charges. The debate between credit and debit cards continues to rage on. One thing is for sure though. Canadian business owners require the ability to accept both types of plastic in order to satisfy’s Canada’s current consumer base.

But is there a better type of card to use? Which type has more benefits? Which type has more downsides? We suppose that to attain the most accurate answers to these questions, one must look at the user. “If you’re not paying your card off on time, of course, you’re going to run into problems,” exclaimed our pro-credit card colleague, “But credit cards give you so much more benefits than debit.”

“Firstly, there’s the rewards points. Every time I use my card, I collect points,” he explained, “That means I’m getting more for my money. With a debit card, what do you get? You get to take home what you paid for and that’s that. With my Visa, I’ve already booked airline tickets and gotten car rentals for free because of all the points I’ve built up over the years. What debit card can do that?”

“Debit cards make life so much simpler,” our debit-loving friends responded, “I don’t have to worry about an upcoming bill because the money automatically gets taken out of my account right as I’m making the purchase. It’s easy. Credit card bills can become confusing. Not to mention, with Interac, I know for sure that I can actually afford what I’m buying. I know what I have in my account, and I never spend more than I know I have.”

As a business owner, you should be in love with this debate! As long as you’re accepting credit cards and debit cards, it shouldn’t matter to you which ones your customers prefer. Of course, it’s important to be able to accept plastic using a top-of-the-line POS terminal. At Canadian POS Corporation, we offer a variety of high quality machines. Whether you’re looking for Countertop or Wireless terminals, we’ve got you covered.

We also have Gift Cards available for business owners to add an entirely new revenue stream to their company profiles. As our two colleagues made clear, plastic is largely preferred over paper in Canada. Our nation is actually known as one of the world’s leaders in plastic use! For more information on how you can upgrade to one of our terminals, call Canadian POS Corporation at 1-877-748-2884 or email info@localhost.