3 Reasons To Not Waste Another Second Without Accepting Credit Cards

We couldn’t help but make the title of today’s blog somewhat of a bold statement. In case it hasn’t been made perfectly clear, you should – without question – accept credit cards if you are a Canadian retailer. This admittedly bold statement couldn’t be truer than right now.

Here we are, at the beginning of the holiday shopping season. Shoppers will be out in droves in the weeks to come. Turning them away because you won’t accept the payment option of their choice is simply bad for business.

Here are three reasons not to waste another second without accepting credit cards:

1. The vast majority of Canadian consumers use them.

Think of it this way. If you’re a restaurant owner and your experience has told you that the majority of your customers order water with their meals, would you stop serving water? It’s important to give your customers what they want. And the statistics show that Canadians want to be able to pay with their credit cards.

“Regardless of the type of individuals you serve, the chances are high that they use credit cards,” says David Dierking on Intuit.ca, “As of 2016, 89% of Canadians have at least one credit card, and by the end of 2015, spending on credit and debit cards increased by 7.2% and 2.7% respectively. At the same type, the popularity of cheques and cash is waning.”

2. You’re going to make more money.

Maybe this is the only point we need to make. After all, there isn’t a business owner alive who would turn down the opportunity to increase revenue. Is there? On StartUpNation.com, David Iafrate points to an Intuit survey that revealed “83 percent of small businesses that accepted credit cards saw increased sales. Of those surveyed, 52 percent made at least $1,000 more a month and 18 percent made at least $20,000 more a month!”

He goes on to point out that consumers are also more inclined to make impulse purchases when they are able to use their credit cards. “By accepting credit cards, you are easily creating the possibility of increasing your bottom line, which is something every business strives for,” writes Iafrate.

3. It enables you to sell products online.

Make no mistake about it – online shopping is about to go through the roof! Consumers from all over Canada flock to the internet in greater numbers every year during the holiday shopping season. The vast majority of them pay for their online purchases using credit cards. Becoming plastic-friendly will put you one step closer to opening your business up to an amazing new revenue stream through online sales.

“If you want to accept payments online, you can use a service such as virtual currency like Bitcoin, however, credit cards are still the easiest, most popular option,” informs Dierking, “In 2015, Canadians spent over $22 billion online, and to tap into those funds, your business needs to be online accepting plastic.”

For more information about how you can begin accepting credit cards at your store, 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 options!