What Are The Main Benefits Of Accepting Credit Cards?

Canadians have shown that they much prefer to use their credit cards to pay for purchases instead of using cash. Paying with plastic provides a long list of conveniences that simply make the shopping experience easier. That, of course, is also a benefit to business owners who provide their customers with payment options. Customer satisfaction – it should go without saying – goes a long way.

How does accepting credit cards improve customer satisfaction? Being plastic-friendly tells your customer base that you are giving them what they want. As the Canadian Bankers Association points out, accepting credit cards helps you to reach a larger customer base. “Credit cards are the preferred method of payment for many customers, and customers will select retailers that allow them to choose their preferred method of payment,” they report on their website.

Credit card acceptance has also been shown to speed up the checkout process. Consider the fact that a credit card transaction only requires a few button pushes on your POS terminal. No longer are your customers or your cashiers fumbling for correct change. No longer are your customers or your cashiers concerned about having enough cash available to complete transactions. The saving of time is a great benefit to both businesses and their customers.

“If every credit card transaction took an extra 30 seconds, it would use up an additional 27 million hours of staff time each year,” says the CBA. They also list “reduced cash on hand and cash handling time and costs, including counting cash at the end of the day, armoured transport, higher likelihood of theft and pilfering and potential mistakes by cashiers” as another benefit of credit card acceptance.

How does credit card acceptance improve your company’s brand image? To most consumers across Canada, cash-only businesses are “old school”. It’s pretty necessary to keep up with the times in order to gain interest from the modern-day consumer. Let it not be lost on you that many people don’t even walk around with cash on them anymore. So making sure that you are addressing the needs of today’s shoppers is integral to your company’s continued success.

According to the Canadian Bankers Association, “innovations in payment options introduced by banks and credit card companies, such as contactless cards and online and mobile payments, benefit retailers and make it easier for customer to make purchases.” In other words, being plastic-friendly is a sign that your company is innovative, up-do-date and forward-moving. These are all key traits of a successful brand.

At Canadian POS Corporation, we offer a number of ways that merchants can accept credit cards and debit cards from their customers. The Verifone VX 820 is our fast and secure countertop terminal which is ideal if you are looking for an affordable and easy-to-use next-generation terminal that accepts all contactless, chip and magnetic stripe payments.

The Verifone VX 680 is our long-range wireless terminal which is an all-in-one mobile solution that efficiently and securely processes transactions anywhere. It also supports a full range of payment types including credit cards, debit cards and gift cards through an easy-to-use solution. And it’s ready for acceptance of secure EMV “chip” cards which protects you and your customers from counterfeit card fraud.

For more information about these fantastic payment solutions, call Canadian POS Corporation at 1-877-748-2884 or email us at info@localhost.