You’re not still operating a cash-only business are you? No matter how supposedly “small” your entity might be, it’s wise to give Canadian consumers what they want. For the record, what they want is the ability to select the payment option of their choice. Your hesitancy to accept credit cards is hurting your business. In today’s world, it’s enough to put you out of business! Let’s discuss a few ways that your store’s acceptance of credit cards can make it a top shop.
It builds consumer trust.
Your brand automatically gains prestige by communicating to the public that it accepts credit cards. You may be surprised to know just how much weight the logos for Visa and Mastercard carry. By placing a “credit cards accepted here” sign in or at the front of your store, you attract the attention (and gain the respect) of the vast majority of shoppers. Credit card acceptance pulls your business out of the “small time” world.
“Consumers trust credit card companies because they offer fraud protection and chip technology that keeps their personal information safe,” writes 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.”
You help your customers to track their spending.
You’d be hard pressed to find an individual who isn’t concerned about his/her expenses. Using a credit card helps you to easily track how much money you’re spending. Naturally, your monthly bill (which can also be viewed online at any time) allows you to get easy access to each and every purchase you make. This is vital for adequate bookkeeping when attempting to keep within a budget.
“Keeping tabs on your budget can be a challenge no matter how you spend your money,” says Virginia C. McGuire and Paul Soucy on NerdWallet.com, “But figuring out where cash went is especially difficult. Misplace a receipt, and there’s often no other record of how much you spent and where you spent it…With credit cards, everything shows up on your account online in close to real time.”
You make transactions faster.
Contactless technology has made the act of making a purchase one of the easiest things a person can do. Honestly, can it get any simpler than tapping a credit card on a POS terminal to make a purchase? Long gone are the days when shoppers had to sign slips in order to make purchases. Credit card transactions vastly speed up checkout lines.
“When you accept credit cards, the transaction is processed and settled quickly,” notes Sleight, “Within a day or two, you can have your funds in your account. The invoicing process can usually be integrated into your payment processing software, requiring you to click a few buttons to send it off in seconds. You’ll get a notification that the payment has been made by credit card, and you won’t have to worry about a late payment or a check lost in the mail.”
Are you looking to upgrade your POS terminal?
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 email@example.com or request a quote on our Contact page!