3 Benefits Of Letting Shoppers Choose Plastic Over Paper

In Canada, it can be argued that plastic is more popular than paper. To be specific, there is evidence that shows that Canadian consumers would rather pay for their purchases using their credit cards and debit cards instead of paying with cash. As the Canadian POS Corporation Blog has pointed out many times before, there are numerous benefits to customers who choose plastic over paper. But what are the benefits to merchants?

Here are three benefits of letting shoppers choose plastic over paper:

1. It increases sales. What business owner doesn’t want to increase his/her sales? It’s a proven fact that when you provide customers with payment options, they will be a lot more likely to spend money in your store. Some prefer credit cards and others prefer their debit cards. And sure, there are still some who may prefer to use cash to pay for their purchases. But when you don’t give them the option to choose, shoppers often won’t give you the time of day.

“The simple act of accepting credit card payments can give a significant boost to your business,” informs Anita Campbell on SmallBizTrends.com, “Research shows that sales can double or even triple versus current sales. One survey, sponsored by Intuit, found that 83% of small businesses that accepted credit cards saw increased sales. Fifty-two percent of those surveyed made at least $1,000 more a month and 18% made at least $20,000 more a month.”

2. It adds legitimacy to your business. In 2016, the general impression of a cash-only business is that it’s “behind the times”. Simply put, only accepting cash is a business practice that is outdated. To further enhance the image of your brand, it’s important to communicate to customers that you are keeping up with the times. The acceptance of credit cards and debit cards is one effective way to do that.

On Chron.com, Alexis Writing explains that plastic acceptance helps to your establish your status in your industry. “By providing clients with more options, they will be more pleased and satisfied with your business, making you satisfied as well,” she writes, “This will help your business grow more quickly, attaining a stronger placement in the market. It will also contribute to a positive image on the business as well as your clients.”

3. It increases average transaction amounts. When customers are given no choice but to use cash to pay for their purchases, they are stuck with only being able to afford as much as the cash they have on them will allow. With credit cards and debit cards, this isn’t the case. Depending on one’s credit limit or bank account balance, he/she can afford larger expenditures without worry for having exact change.

“This is probably not a new concept to you: there is seemingly endless research that shows it’s easier to spend money with a credit card than with cash,” expresses Campbell, “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 (and tips for those in the service sector, such as cab drivers, waiters and other). Why? Simple: consumers are not tied to what is in their wallets at that moment.”

At Canadian POS Corporation, we enable Canadian business owners to accept credit cards and debit cards with our top-of-the-line Countertop and Wireless POS terminals. We also offer the most affordable rates in our industry! For more information, please do not hesitate to contact us. You can call us 1-877-748-2884 or email us at info@localhost.