5 Reasons Why Credit Card Acceptance Is A Must

If you accept credit cards as methods of payment at your place of business, you are doing your customer base a great service. By contrast, if you are still not accepting credit cards as methods of payment , you are definitely losing out. You see, customers love using credit cards. In Canada, this has been documented along with the love for debit cards that Canadians have shown. So what reason could a business owner have to not accept credit?

According to VendorSeek.com, there can’t be many. That’s because “businesses that engage in credit card processing are more appealing than their cash-only counterparts in the eyes of certain customers.” And while noting that there is a cost to accepting credit cards, “the cost of not accepting credit cards can be high as well. Many customers these days simply do not carry cash, so if they can’t pay with plastic, they won’t buy.”

Are the costs associated with credit card processing really worth losing customers over? At Canadian POS Corporation, we certainly don’t think so. And neither does VendorSeek.com. The website goes on to list a number of reasons why credit card acceptance provides business owners with worthwhile experiences. In today’s blog, we’ll review five reasons why accepting credit cards has pretty much become a must.

1. It presents you as professional. These days, cash-only businesses are generally regarded as small-time operations. No matter how big or small your business is, it needs to send the message that it is doing well. According to the website, “over and above lost dollars, businesses that do not accept credit cards or have an insufficient credit card processing system risk being perceived as unprofessional.”

2. It offers customers convenience. This is a point that we continue to hear time and time again. Customers absolutely love the convenience provided by merchants who accept credit card payments. As VendorSeek.com points out, it makes the entire shopping experience a breeze. “Swipe and go, then receive a detailed statement at the end of the month noting the charges,” describes the site, “It’s a procedure that people have gotten used to and enjoy. It’s just so darn easy.”

3. It allows customers to take advantage of rewards programs. Earning points is often at the top of the lists of reasons to use credit cards. When people pay for their purchases with cash, they get their purchases and nothing else. When credit cards are used to pay, customers get themselves another step closer to free airline tickets, hotel stays, car rental and numerous other bonuses. “Credit card processing has a giveback aspect to it,” states VendorSeek.com.

4. It provides customers with protection. When customers use their credit cards at the register, it gives them added security in knowing that their credit card issuers will protect the purchases. By offering extended warranties and other forms of buyer protection, credit card companies give consumers the type of peace of mind that cash cannot. “Studies have shown that this protection relaxes buyers, and is one of the main reasons responsible consumers often prefer to use credit cards,” reveals the website.

5. It is actually quite cost-effective for your business. “Credit card processing is a lot cheaper than it used to be,” reads VendorSeek.com, “Transaction fees industry-wide are regularly under two percent of gross sales, and all sorts of freebies are thrown at new customers, including free installation and reduced monthly rates. It’s a buyer’s market.” And at Canadian POS Corporation, we’re happy to offer the most affordable rates in our industry!

Call us at 1-877-748-2884 today to get set up with your new POS terminal within three days!