Canada is a world leader in debit card use. Evidently, Canadians are well aware of the benefits of using a card that enables them to use the funds in their bank accounts to make purchases. It’s pretty simple, really. Debit cards allow shoppers to use cash they actually have while not carrying any actual cash on their persons.
A couple of weeks ago, our blog listed some major benefits of using Interac to make purchases. But since using debit is similar to using cash, what makes these cards preferred methods of payment over paper money?
Sometimes, the very act of carrying cash gives you a reason to spend it. When you don’t have cash on your person, you don’t necessarily assume you have money to spend. For many people, this is why debit cards are favourable. It’s also a reason some shoppers prefer their debit cards over their credit cards. With credit cards, shoppers are able to spend money they don’t actually have in their bank accounts. Debit cards, therefore, are good at keeping people debt-free.
“For many, the advantage of debit cards is that you don’t go into debt when using them,” notes Justin Pritchard on TheBalance.com, “They limit spending to what’s available in your checking account. There also won’t be interest charges each month.”
If you lose your cash, you can pretty much bet that it will be gone forever. How often do people lose their wallets only to have them returned with all of the cash still inside? Cash can’t be traced. Debit card use, on the other hand, can be traced easily. Furthermore, a debit card can easily be replaced when it is lost or stolen and its user can be assured of not having to be responsible for fraudulent charges. For many debit card users, security means a lot.
If you have a debit card, you’re well aware that it provides you with special services that cash has no ability to offer. In addition to allowing you to withdraw cash from an ATM when it’s necessary, having a debit card means you have access to e-transfer services. As we pointed out in our blog from two weeks ago, Interac enables you to make purchases from friends since you can simply email them any money you may owe.
As Pritchard contends, using debit cards is inexpensive. “They often do not charge the annual fees that some credit cards do,” he writes, “In addition, many banks offer free checking with no maintenance fees. As an added benefit, if you need cash from an ATM, you can generally get it for free using your debit card at ATMs affiliated with your bank.”
Who likes fumbling to find the exact change? Who hasn’t accidentally given the wrong amount of cash to a merchant? Debit cards take all of the potential confusion and unnecessary time consumption out of making a purchase. With tap technology, a debit card payment can be made in full within a couple of seconds.
At Canadian POS, we strongly believe there’s no better way to accept debit card payments than with the revolutionary Poynt Smart Terminal. Please don’t hesitate to call us at 1-877-748-2884 or email us at email@example.com to learn more!