“Even though it is legal currency, the Bank of Canada says it is not mandatory for Canadian businesses to accept cash,” reports Stephanie Mercier of CBC News. You’re not still insisting on having your customers pay for their purchases with cash, are you? We would argue that, in 2024, it’s time for cash-only businesses to go!
Canadians prefer paying for purchases with credit cards.
By doing away with your cash-only ways, you speak directly to the needs of the vast majority of consumers. There are very few people who walk around with cash on them anymore. As reported by the Canadian Bankers Association, there are 76.2 million Visa and Mastercard cards in circulation in Canada. That is just about double the population of our country! In other words, for every Canadian, there are two credit cards in use.
Credit cards are super convenient. All it takes is a quick swipe or tap of a card or even your phone to complete a transaction. Additional perks like reward points, cash back and airline miles further encourage shoppers to use their credit cards to pay for purchases.
Shoppers trust companies that accept credit cards.
By being plastic-friendly, your store will endear itself to so many more consumers. Not to mention, it will help shoppers to have more peace of mind. Many people like the perks given to them by the credit cards they hold. They can use their cards to make purchases in your store and know that those purchases are covered by way of extended warranties and protection against loss, damage and theft.
“Consumers trust credit card companies because they offer fraud protection and chip technology that keeps their personal information safe,” affirms Mandy Sleight on ZDNet.com, “By accepting credit card payments and displaying the familiar logos near your point-of-sale system, the trust transfers, and your business gains legitimacy.”
Consumers spend more when they don’t have to use cash.
When it comes to cash, you can only spend as much as you have on you. When it comes to credit cards, you can spend as much as your assigned limit. Generally, a credit card limit is far higher than the average amount of cash people carry around. As Sleight reveals, the average cash transaction is $22, while the average non-cash transaction is $112.
“That $84 difference could make accepting credit cards worth it for the average small business owner,” she writes, “Not only will you get more sales when you accept credit cards, but it can also improve safety for the consumer and business. It can be dangerous to walk around with large amounts of cash. If they see your customer counting dollar bills at the register, they could follow them out or wait around to take it from the register.”
Are you ready to begin accepting credit cards in your store?
At Priority Pay, we proudly offer Canadian merchants a variety of high-quality payment terminals to choose from. You can easily and securely accept credit card and debit card payments with the Poynt C Smart Terminal, the Newland 910, the Ingenico Desk 5000 or the Ingenico Move 5000. To learn all about your options, please don’t hesitate to call us 1-888-431-4344. You may also email us at firstname.lastname@example.org or request a quote on our Contact page!