2018 is just 8 days old. But there has certainly been enough time in the year for you to have realized that you’re living in a world that is practically cashless. Sure, people still use cash for transactions here and there. But the vast majority of our population is made up for credit card and debit cards users. Simply put, it’s a must to accept credit and debit if you’re a store owner. By doing so, you enjoy numerous benefits.
Here are three:
1. Increased spending per purchase.
Merchants all over Canada have come to realize that as soon as they begin accepting credit cards as methods of payment, their average transaction sizes increase. It only stands to reason, right? When customers are able to use their credit cards to pay for their purchases, they are not bound by the amount of cash they have on their persons. Putting a charge on credit allows a shopper to spend up to his/her limit. This is a huge plus for retailers.
“There is seemingly endless research that shows it’s easier to spend money with a credit card than with cash,” says Anita Campbell on SmallBizTrends.com, “The pain of paying is greatly diminished when handing over plastic instead of cash or a check, so customers spend more. Credit cards also increase impulse purchases…Why? Simple: consumers are not tied to what is in their wallets at that moment.”
2. Significantly reduced chances of enduring loss or theft.
With less cash in your registers, you have far less of a chance of it being lost or stolen. The average thief is well aware that most stores don’t have a lot of cash in them to begin with so they don’t even bother to target retailers with their criminal intentions. Furthermore, accepting credit cards and debit cards affords you the ability to go the bank less often. Credit and debit transactions end up being deposited into your bank account automatically!
“Receiving cash only in your business means that all the money you make is in your business premises, and that encourages thieves to take it from you,” reminds U.K.-based Business Matters magazine, “If you were to accept cashless payments, these would-be thieves would overlook your store because most of the cash isn’t there.”
3. Enhanced company image.
Okay, let’s put it plainly: if you still don’t accept credit and debit, you’re behind the times. And you don’t have to take it from us. The average Canadian consumer will tell you so. In 2018, it’s practically an expectation that you provide the option of paying with a credit card, says Campbell.
“Customers are more likely to do business with you if you accept the form of payment that offers them the most convenience and flexibility,” she writes, “Especially when dealing with big-ticket items, consumers appreciate the ability to pay up front with a credit card and pay off their purchase over time.”
For information about how you can begin accepting credit cards and debit cards, call Canadian POS Corporation at 1-877-748-2884 or email us at info@localhost. Be sure to ask us about our Countertop and Wireless POS terminals!