It’s no secret that Canadian shoppers prefer to pay with their purchases with credit and debit cards. It’s a lot more convenient than carrying cash around. If a customer loses a credit card, it can easily be cancelled and replaced. Once cash is lost, you can bet that it’s gone forever. There are several other reasons that consumers prefer plastic to cash. And that means there are several reasons for your business to accept plastic.
According to Betty Prose on Slideshare.net, statistics show that organizations that do not accept credit and debit cards lose out on more than 60% of their sales to their potential competitors who do accept payments through plastic. This fact applies to both online and offline businesses. Naturally, you didn’t start a business to lose out to your competition, right?
Prose lists a number of reasons that all businesses should accept Visa, MasterCard and Interac cards as methods of payment. In today’s blog, we’d like to take a look at these reasons and provide a bit of our own insight on each of them. Accepting credit and debit is all about making your customers’ lives easier while making your business more successful.
Attract Impulse Buyers. Prose notes that in many cases, shoppers don’t plan out their purchases. They may enter stores to buy one thing only to stumble upon something else that interests them. With most people only carrying limited amounts of cash, the ability to put purchases on credit or debit cards encourages spending that otherwise may not have been made.
Attract International Customers. Once you accept Visa, MasterCard and Interac cards in your store, it enables you to sell your products online as well. By accepting plastic, you open your business up to an international market that may only be able to get access to your products and services through your website. As Prose notes, “overseas customers are typically interested in easy and also accessible modes of payment.”
Easy and Safe Processing. Credit and debit card transactions are quick. There is no exchange of cash, so no change needs to be counted. Customers are assured that they will see a charge on their next bills that give them the option of paying over time instead of right away. Remember that you are providing a convenient option to your customers. They will reward you with loyalty for doing so.
Rewards Programs. By allowing your customers to pay with their cards, you are allowing them to earn points on the rewards programs offered to them by their credit card providers. In essence, you are giving your customers more than what they paid for. Often, consumers will mention that they “get nothing in return” for paying with cash. This is why Canada is quickly becoming a cashless society.
In our last blog, we commented upon the many ways in which our nation is giving up on using cash to pay for their purchases. The elimination of the penny was one example of how using cash is becoming a thing of the past. Whether you would like to begin accepting plastic today or upgrade your current payment processing, Canadian POS Corporation can help. Call 1-877-748-2884 today!