Welcome to the first Canadian POS blog for 2023! On behalf of our entire team, we hope you had a sensational holiday season. Here’s hoping your business enjoyed a lucrative holiday shopping season. We also hope that your family members had an absolute blast making new memories together.
Now that the new year is underway, you’re likely already thinking of ways to take your brand to the next level. Make no mistake that your company’s acceptance of credit cards will go a long way in ensuring its long-term success.
Here are three credit card trends to look for in 2023:
1. Consumers will be seeking bigger sign-up bonuses.
Consumers know they have options. There is a myriad of different credit cards to choose from. So, naturally, they’ll be seeking the ones that provide them with the biggest benefits. Those who love to travel will be signing up for credit cards that offer travel-related rewards points. However, just about every consumer will be enticed by special bonuses that come just by signing up for their new credit cards.
“A welcome bonus on a rewards or cash-back credit card is hands down, the best way to accumulate rewards,” reports Steven Porrello on Fool.ca, “These days, it’s not rare to see a $300 to $500 cash-back reward on a credit card with no annual fee. And with no strings attached, that’s money that goes straight into your pocket. These bonuses bring in swathes of new customers to credit card companies.”
2. Credit card holders will be doing more travelling.
No, the official end of the pandemic hasn’t been announced yet. But that hasn’t stopped people from acting like it has. Credit card holders will be using their cards to purchase flights in numbers that far exceed those of the past couple of years. As Andy Shuman puts it on Bankrate.com, leisure travel is roaring back.
“After a two-year hiatus, people are traveling again in record numbers,” he informs, “(The hospitality industry doesn’t call it ‘revenge travel’ for nothing.) To further encourage this phenomenon, many travel card issuers have been offering rewards like sky-high welcome bonuses and elevated perks.”
3. Credit card issuers will improve their apps.
Who doesn’t utilize their smartphones for the purpose of banking these days? It’s practically vital for a credit card user to be adept at logging in and out of their banking apps on their phones. This is because they are given real-time updates about their spending. Today, a consumer is immediately made aware of any transaction that goes through on his/her account. This is beneficial for both accurate bookkeeping and fraud protection.
“Let’s be real: most of us never check credit card balances on a desktop,” challenges Porrello, “Nine times out of ten, we use our smartphones to pay balances, manage charges, and ogle at our cash back and points we’ve accumulated for the month. Credit card companies are taking note of this, and many are designing apps to be more than just a credit card account.”
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!