In our last blog, we detailed some of the main reasons that Canadian consumers love using their credit cards so much. To be honest, many of the points we made should be common knowledge. After all, it would appear as if most Canadians don’t even walk around with cash on their persons anymore. As a retailer, it’s important for you to keep this trend in mind. The days of the cash-only business are numbered. Not many even exist anymore!
According to the Canadian Bankers Association, “retailers are not required to accept credit cards, but do so in increasing numbers because that is the method of payment many customers prefer.” As many benefits as there are for consumers who use credit cards to pay for their purchases, there are just as many benefits for business owners who accept credit cards as methods of payment.
And most Canadian merchants love accepting plastic, as a result!
What are some of the main benefits to retailers for accepting credit cards? As the CBA points out, credit card acceptance provides merchants with fast, guaranteed payments that can reduce line-ups at the checkout. “If every credit card transaction took an extra 30 seconds, it would use up an additional 27 million hours of staff time each year,” their website points out. Credit card transactions are notoriously quick.
The CBA also notes that “the ability of accepting credit without worrying about the creditworthiness of customers, insufficient funds or outstanding receivables” is another big benefit to retailers. When you process a credit card transaction, the payment goes directly into your bank account within days. You don’t have to worry about whether or not the cardholder actually pays his/her credit card issuer on time. The money is yours, no matter what!
In what other ways can credit card acceptance improve your business? Consider the fact that with credit card acceptance, you will be able to worry a lot less about counting cash at the end of each and every day. “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,” says the Canadian Bankers Association.
You will also experience a boost in sales thanks to your plastic-friendliness. As mentioned earlier, these days, Canadians aren’t as likely to carry cash around with them as much as they used to. When you accept credit cards, you limit the excuses shoppers have for not buying your products. “I can’t afford it right now” is a reason used a lot less often when a shopper has a credit card in his/her wallet or purse.
“Increased sales (and the) ability to offer customers a variety of payment options” are also listed, by the CBA, as benefits to retailers that accept credit cards. They also note that plastic acceptance allows merchants to expand their markets by giving them the “ability to sell to customers throughout Canada and around the world in the currency used by the retailer.” Credit card acceptance allows you to open your store to a global market!
At Canadian POS Corporation, we offer Canadian business owners the opportunity to accept both credit cards and debit cards as methods of payment at the most affordable rates in our industry! For more information about our Countertop or Wireless terminals, don’t hesitate to call Canadian POS Corporation at 1-877-748-2884 or email us at info@localhost.