Credit cards have become an integral part of modern life. From everyday purchases to large expenses, credit cards offer very convenient ways to pay for just about anything. As well, as you should know, credit card holders can also reap various benefits just for using their credit cards.
What are the hidden benefits of using credit cards? Why should merchants embrace credit card acceptance?
Rewards programs.
Many credit card companies offer rewards programs that allow customers to earn points, cash back or other incentives for every purchase made with the cards. These rewards can be redeemed for a variety of perks, such as travel discounts, merchandise or statement credits. By accepting credit cards, merchants can help their customers earn rewards and incentivize them to shop more frequently.
“Many credit card companies also offer introductory bonus rewards to try to entice you to sign up,” notes Matthew D’Angelo on Investopedia.com, “Those offers may involve hundreds of dollars in incentives once you reach a certain spending threshold, along with an introductory 0% APR for the first several months, and no fees for the first year.”
Purchase protection.
Many credit cards come with purchase protection that can help customers in case of fraud, defective merchandise or other issues. This protection can give customers peace of mind when making purchases, knowing that they have a layer of security in case something goes wrong. By accepting credit cards, merchants can also offer this added protection to their customers.
Not to mention, if a customer’s credit card is lost or stolen, they can report the fraudulent charges to their credit card companies. Typically, the cardholders won’t be held responsible for those charges. This protection can help customers feel more secure when using their credit cards for purchases. By accepting credit cards, merchants can offer this added layer of protection to their customers and build trust in their business.
Convenience and flexibility.
Unlike cash, credit cards don’t require customers to carry around large amounts of money or make multiple trips to bank machines. Credit cards also offer flexibility in payment options. Customers can choose to pay off their balances over time or in full each month. By accepting credit cards, merchants can offer their customers a variety of payment options and make the checkout process smoother and more convenient.
Building credit.
By using a credit card responsibly, customers can establish positive credit histories and improve their credit scores. This can be especially beneficial for young adults who are just starting to build their credit histories. By accepting credit cards, merchants can help their customers establish credit and build positive financial futures.
Tracking expenses.
Credit card statements provide detailed information about purchases made with the card. They can be helpful for budgeting and expense tracking. By accepting credit cards, merchants can help their customers keep track of their spending and stay on top of their finances.
Do you accept credit cards at your place of business?
At Canadian POS, we believe there is no easier way to do so than with the revolutionary Poynt Smart Terminal. This Android-based terminal has a suite of business management tools that allow you to keep track of all your orders, reports and inventory in one place. For more information, please don’t hesitate to call us at 1-877-748-2884 or send us a message on our Contact Us page!
