Do you accept credit cards at your place of business? If the answer is “yes”, then you are already well aware of how many benefits there are to being plastic-friendly. You’ve experienced an increase in sales, higher foot traffic and a boost in overall customer satisfaction. However, if the answer is “no”, then you’ve been missing out big time on opportunities to grow your business.
Allow us to put it plainly. Your customers want to use their credit cards in your store. Here are three reasons why:
1. Credit cards allow for easy bookkeeping.
One of the nice benefits of using credit cards to pay for purchases is that they keep records of every little thing their users purchase. For those who wish to ensure that they keep within certain budgets, keeping track of spending on credit cards is a great way to go. Today, cardholders can easily log in to banking apps on their phones to see their credit card balances. It’s bookkeeping made easy!
“Keeping tabs on your budget is challenging no matter how you spend your money,” says Virginia C. McGuire on NerdWallet.com, “But figuring out where cash went is especially difficult. Misplace a receipt, and there’s often no other record of how much you spent. With credit cards, everything appears on your monthly statement.”
2. Credit cards help consumers grow their credit histories.
Individuals who are looking to become homeowners need to have established credit histories. Using a credit card and paying off balances in a timely manner allows a person to grow his or her credit rating. In many cases, people use their cards simply for the purpose of establishing strong credit scores. Paying for purchases with cash can’t do that! Period.
“By using your credit card responsibly, you can help build yourself a good credit score,” informs CreditCardsCanada.ca, “Without a solid history of managing credit responsibly, it can be very difficult to obtain a loan. Plus, having no credit history can sometimes be as bad as having a poor credit history. By paying off your credit card in full each month, it can go a long way to getting approved for a mortgage later on.”
3. Credit cards offer rewards points.
This point probably deserved to top our list. And that’s because you’d be hard pressed to find a cardholder who isn’t impressed by the fact that spending money on his/her credit card provides him/her with more than the purchases that were made. Credit card spending – depending on the card, of course – can turn into free flights, hotel stays or car rentals. Not all rewards points are travel related though. McGuire explains that many cards offer cash back features, as well.
“With a simple flat-rate card that pays the same amount on every purchase, you can get back 1%, 1.5% or even 2% of every dollar you spend, either as cash or as points or miles to redeem for travel or other things,” she points out, “Other cards pay even higher rewards in specific spending categories — 6% on groceries, for example, or 5% on common spending categories like gas and restaurants.”
At Canadian POS Corporation, we proudly offer Canadian business owners the opportunity to accept credit cards in their stores. We provide both top-of-the-line Countertop and Wireless POS options. For more information, please don’t hesitate to call Canadian POS Corporation at 1-877-748-2884 or email us at info@localhost.