Good morning Canada! It sure does feel good to be a Canadian this morning, doesn’t it? Yesterday, the 2014 Winter Olympics came to a close – and just as we all hoped for – the Canadian men’s hockey team won the gold medal before things were all said and done. All in all, Canada won 25 medals at the Olympics in Sochi, Russia with ten of them being of the gold persuasion.
As you’re likely aware, the Canadian women’s hockey team won gold in an amazing come-from-behind victory against the U.S. team last week. Both Canada’s men and women won curling gold as well. Needless to say, when you put a sport on ice, the country of Canada is bound to dominate it. What can we say? Canadians know their way around a rink!
At Canadian POS Corporation, we know a thing or two about Canadian society. Yes, we love our winter sports, but that’s not all that makes up the landscape of our nation. If it’s one thing we know, having provided business owners from all over the country with POS terminals for many years, it’s that Canadians love using credit cards as well. On LowestRates.ca, Stephanie Cooper speaks to this phenomenon.
“Canadians value their credit card reward points, and optimize the use of their cards to collect as many points as possible,” she writes. Cooper goes on to note that a study conducted by American Express Canada found a number of traits shared by Canadians that demonstrate why it’s so important for business owners to provide credit card transactions as payment options.
89 per cent of the survey’s respondents revealed that they own a credit card. And almost 60 per cent of those surveyed reported that they kept the same card over seven years. Not only does that mean that the vast majority of Canadians enjoy paying for their purchases using credit cards, but that they tend to maintain their credit card accounts for long periods of time.
We can’t say that this revelation surprises us. Many of our clients have reported that their sales increased once they began accepting credit cards. In addition to the convenience that they provide, the rewards points collected on many credit cards give consumers added incentives to use the cards. Cooper spoke to Brett Mooney, who is the Vice President of Amex Canada’s Consumer Acquisition Department, about this trend.
Mooney revealed that Canadians have shown quite the love for credit card rewards programs. Writes Cooper: “Over two thirds of survey respondents say that credit card rewards programs are important, and that accumulating rewards points is worth the effort. Respondents said that the most valuable rewards are cashback options, followed by discount points for generic products and travel rewards points.”
As a Canadian business owner, it’s important to take advantage of this fact. It only works to your benefit to provide your customers with the option to pay with their credit cards and earn more rewards points. By doing so, you add extra value to their buying experience at your place of business. To begin accepting credit cards today, call Canadian POS Corporation at 1-877-748-2884.