“Honestly, I don’t want my money taken directly from my account. I’d prefer to earn points for the money I’m spending,” commented one of our colleagues earlier this week during a conversation about a recent trip to a local supermarket, “Why should I be forced to pay with my debit card when other stores happily accept my credit card? I’m not sure how they stay in business that way, not giving people the option.”
Our friend, you see, recently moved. And nearby to his new neighbourhood is a supermarket that is part of a chain that he prefers to buy his groceries from. Interestingly, this particular location only accepts debit cards. In the area where he used to live was a similar supermarket – part of the same chain – that accepts both debit and credit cards. As you’re now aware, our colleague prefers to use his credit card so that he may collect rewards points.
“How is it that you’re the same store, but you have different policies?” he asked, assuming that each location of the supermarket chain must be run by franchise owners who play by their own rules. Based on his experience at the new location, it is unlikely that he will be returning. “It’s a good way to lose business,” he continued, “Don’t allow me to pay with my credit card and I’ll go shop somewhere else.”
Evidently, giving customers options is important. Canadian shoppers have proven that they prefer paying with plastic. But as we’ve examined in many of our past blogs, there is a debate about which type of card is most popular. There is evidence to support the idea that most Canadians prefer using their Interac cards. Interac’s recent “Be In The Black” campaign suggests that debit is the best option.
However, there is also much evidence to support the idea that credit cards offer more benefits, and therefore, is the best choice for Canadian shoppers. At the end of the day, one thing is for sure. This debate will continue to rage on. And the only ones who lose in this entire situation are merchants who don’t offer their customers the ability to choose between the two. The bottom line is that if you accept plastic, you should accept both types!
“In general, people don’t like being told what to do,” offered our colleague, who owns a business himself, “They like being asked what they would like to do. When you go to a store to make a purchase, you should be asked how you would like to pay. Even the Interac commercials include that in the scripts. The guy asks ‘how would you like to pay?’ and the girl goes ‘Interac’. You don’t see the guy going ‘we only accept Interac’.”
Would you stop shopping somewhere because it didn’t offer you the option of paying with either debit or credit cards? Many people would answer “yes”. Some people just have their preferences. And no matter what they are, they deserve the right to use the cards that they prefer. As a business owner, a big part of your job is pleasing your customers. Is there anything more pleasing than giving them the power to pay as they please?
At Canadian POS Corporation, we offer our clients top-of-the-line POS terminals that accept all major credit cards as well as Interac. They provide our clients the ability to give their customers the options that they want. There’s no need to turn away your customers. Clearly, that’s not a good business model. Offer the option of paying with either debit or credit card and see your business succeed well into the future.
Give us a call today at 1-877-748-2884 to order or upgrade your POS terminal today!