Interac really wants you to accept their cards. How can we tell? Well, those new Interac “Be In The Black” commercials are in pretty heavy rotation. It’s pretty hard to watch anything on TV in Canada these days without seeing one of them. We must say, they’re pretty well done. As humorous as they are made out to be (with AC/DC’s “Back In Black” blaring every time someone swipes his or her card), they make quite a point.
Interac cards are famously used to pay for purchases in Canada. On the Interac website, it is reported that “when Canadian consumers reach for a payment card in their wallets, 56 per cent of the time they choose Interac Debit. That’s compared against all credit card brands combined.” Considering the many articles we’ve read online about the debate over which type of card is “better” – credit or debit – this is interesting news.
Apparently, more than half of the time, a customer is bound to use his or her debit card to make a purchase in your store. It goes without saying that you should be accepting Interac cards. If you’re one of the last remaining business owners who have yet to begin accepting this payment method, Interac has a few words of advice for you. On their website, a few reasons are listed as to why you should accept the card.
1. Convenience. According to the website, “Interac Debit is a secure and convenient electronic payment option that allows your customers to use their Interac debit card and get instant access to the funds in their bank account.” Without having to make your customers carry cash with them, you allow them the convenience of being able to withdraw funds from their bank accounts automatically when making payments to you.
2. Accessibility. “Interac Debit is available to you 24 hours a day, seven days a week, so it can be available to your customers during your normal business hours,” the website continues. Clearly, debit cards provide round-the-clock service. This helps to add a measure of security to the lives of your customers as they can rest assure that they will be able to make purchases at any time during the day or night without the need for cash.
3. Increased Profits. Interac reports that debit cards are used by 20 million Canadians every single day. That means that your customers are most likely to have debit cards when shopping at your place of business. And naturally, that means that they are likely going to want to use them. When you accept them, you earn money. When you turn customers away because you don’t have a machine, you lose money. It’s simple math.
4. Reduced Chance Of Loss. Interac points out that the less cash you have in your register, the less chance you’ll have of your cash being stolen. There are numerous reasons why handling less cash will be beneficial for your business. Sometimes it gets mishandled or miscounted by your cashiers. There is the potential for it to get lost or go missing. And, of course, theft is always a cause for concern. Eliminate it by accepting Interac.
5. Guaranteed Funds. Says the Interac website, “as a merchant, you are guaranteed funds with every approved transaction. You\’ll receive a deposit directly to your business account the next business day for all Interac Debit transactions.” What’s better than getting a guarantee that your money will be deposited directly into your bank account with each payment transaction?
Can you think of a reason not to accept Interac? To begin accepting debit cards today, or to upgrade your current POS machine, contact Canadian POS Corporation at 1-877-748-2884.