These days, it appears as if many of the items and technologies that many of us grew up with are obsolete. Consider the way that we listen to music, for example. It wasn’t all that long ago that we were buying records, cassettes and CDs of our favourite artists. Nowadays, it appears as if most people download their music from the internet. Many are no longer concerned about owning “hard copies” of their favourite albums.
The way we spend our money has also significantly changed. There was a time – not too long ago – that we all carried wallets containing paper bills and coins. But how many people still carry cash with them where they go? Sure, there are still people who use cash. And there are still people who enjoy listening to records, cassettes and CDs. But the numbers have definitely dwindled. So what does that mean for you?
If you sell music, hopefully you’ve come up with an interesting marketing plan or you serve a special niche market. You’re not necessarily in bad shape depending on where your store is located. However, all merchants should be aware that accepting cash only is no longer a viable option in Canada. It has long been proven that Canadians prefer to pay with their credit cards and debit cards.
Interac is especially popular, and has been for a long time. A Vancouver Sun report from 2008 that appears on Canada.com reminds us that “Canadians are among the world\’s most prolific users of debit cards.” The report goes on to reveal that “Canadians have embraced debit cards with a vengeance. The cards surpassed cash as the preferred method of payment in 2001.” Evidently, the strict use of cash lost its popularity over a decade ago!
The Vancouver Sun report points out that a 2007 study conducted by Environics Research Group landed on a number of findings that spoke to the rising popularity of debit cards in Canada. Among them was the fact that “on average, debit card holders make 15 point-of-sale purchases per month. Only 11 per cent never use their cards for purchases.” As well, it was discovered that the younger population had especially taken to paying with debit cards.
“People under 30 make twice as many point-of-sale purchases with debit cards as those 60 and older,” reads the report, “Compared to older Canadians, they\’re nearly twice as likely to make ATM withdrawals at their bank, three times more likely to get cash back from retailers and four times more likely to withdraw money from ATMs at other institutions or stores.” So what does this all mean for you?
As a business owner, it’s very important to be mindful of the trends that continue to evolve in our country. The debit card-using trend is one that has been around for many years and continues to grow in popularity. If you’re only accepting cash at your place of business, you’re clearly missing out on the opportunity to sell your goods and services to a much wider range of customers.
At Canadian POS Corporation, we offer top-of-the-line POS terminals that allow you to easily and securely process both credit card and debit card payments. You can choose between our Countertop terminals or our Wireless terminals. As well, if you currently already accept credit and debit cards, we can have your POS terminal upgraded. For more information, please call Canadian POS Corporation at 1-877-748-2884 or email us at info@localhost.