Over the past month, the title of this blog has been a question that the new Canadian POS Corporation Blog has been working to answer. There are dozens of benefits to accepting credit and debit cards as methods of payment. But you don’t have to just take our word for it. On Entrepreneur.com, Rieva Lesonsky writes that “research shows that credit cards increase the probability, speed and size of customer purchases.”
Perhaps, that should be reason enough to accept Visa, MasterCard and Interac cards at your place of business. Nevertheless, we’d like to explore a few of the reasons outlined by Lesonsky to offer up a new perspective. Some business owners get understandably concerned about the fees associated with setting up a POS terminal. But as Lesonsky confirms, the pros far outweigh the cons.
Our Country Has Become Cashless. As we recently blogged about, Canada is becoming a cashless society. It’s to the point where it doesn’t even make sense to only accept cash at your register. Writes Lesonsky: “Many people prefer not to carry cash, especially when traveling. Others prefer to pay with credit cards because they know that it will be easier to return or exchange the merchandise.”
It Increases Sales. As pointed out a number of times over the past few weeks, accepting credit cards gives business owners the chance to sell more. This is because impulse purchasing is made easier for their customers. It no longer matters if customers have enough cash in their wallets. Lesonsky reminds us that credit cards allow for payments for purchases to be made with ease.
It Improves Cash Flow. One of the greatest benefits of accepting plastic it that the process places funds directly into your bank account. Within days of the transaction, money will appear without you having to lift another finger for it. Things have changed since the days of waiting for cheques to clear. You also aren’t required to wait for an invoice to become due. A swipe of the card is all that is needed for you to be paid.
Plastic Provides Guarantees. “Credit cards provide a guarantee that you will be paid, without the risks involved in accepting personal cheques,” writes Lesonsky. To reiterate, your company will be protected against counterfeiting. Although great measures have been taken to ensure that the cash you receive is legitimate, it is not always entirely possible to tell. Credit cards leave a paper trail that ensures you get the funds you are owed.
“I used to have to turn customers away,” admitted one of our newest clients, “I thought it would be more of a hassle to get a (POS) machine than it would be to not have one. I quickly realized I was wrong after I got it. Processing payments is easy and actually much more convenient than having to count the cash at the end of the day. And, of course, I’m not turning away customers who want to pay with plastic anymore.”
If you’re looking to begin accepting Visa, MasterCard and Interac cards as methods of payment at your business, contact Canadian POS Corporation. We offer top-notch POS machines in addition to incomparable customer service. And we do all that at the most affordable rates in our industry. We can even have you set up within three days. Call us at 1-877-748-2884 today!