In our last blog, we revisited a number of reasons why Canadian business owners should be accepting credit cards and debit cards as methods of payments from their customers. The bottom line is that Canadian consumers simply prefer to pay with plastic. And it should go without saying that business owners should do what it takes to please their customers. However, there are many merchants who still operate with the old and outdated “cash only” model.
Does this sound like you? If so, you’re missing out! As we pointed out in our last blog, merchants that accept credit and debit enjoy boosts in sales, remain competitive in their industries and encourage impulse buys from their stores’ visitors. To reiterate, if you’re not yet willing to accept plastic, you’re missing out on a long list of benefits. So, perhaps you still need a little encouragement to go in the other direction!
Here are five more reminders as to why you should be plastic-friendly.
1. It provides customers with payment ease. No longer do people have to count their cash or fumble for change. They also don’t have to worry about having enough money on them or ensuring that, with taxes, the total charges for their purchases will be affordable. A credit or debit card rids a customer of the worry that he/she will have enough money to complete the transaction. Not to mention, credit and debit transactions take seconds to complete.
2. It improves your cash flow. Because credit card and debit card transactions are all processed electronically, the amount of time it takes to get the money into your bank account is usually no more than a couple of business days. As a result, business owners no longer have to worry about waiting for cheques to clear, sending invoices to settle payments or trying to find the time to go to the bank in person to deposit cash.
3. It reduces the risk of fraud. When you no longer accept cheques and take in a lot less cash, you significantly reduce the number of bad cheques and counterfeit cash you receive. Credit card and debit card transactions are secured by the fact that their users must punch in PIN codes to complete their transactions. This helps to ensure that all transactions are legitimate, protecting both your business and cardholders from fraud.
4. It helps you to provide your customers with perks. Many Canadians prefer to use their credit cards to make purchases because of the added perks that come along with them. Rewards points, cash back features and low interest rates are among some of the perks that entice shoppers to use their credit cards over any other method of payment. When you accept credit cards, you give your customers all the more reason to spend in your store. You’re helping them receive more for their spending!
5. It is a relatively inexpensive business expense. For the most part, merchants who remain “cash only” do so because they believe that the fees associated with accepting plastic are too high. At Canadian POS Corporation, we’re happy to report that we offer our customers the most affordable rates in our industry. You may be surprised to find out just how affordable they are!