In our last blog, we listed a number of benefits that business owners receive when they do away with their cash-only ways. You may have noticed that the list focused on the benefits that credit card acceptance offers customers. It’s extremely important to keep in mind that when you make customers happy, you make your business successful.
In today’s blog, we will continue to appraise the many benefits of credit card acceptance.
Credit card acceptance helps consumers build their credit scores.
Establishing a good credit score is one of the most important things a person can do. Without strong credit, it is near impossible to buy a home, vehicle or any other major expense. With a credit card, a person can prove that he/she can borrow money and pay it back. As John S Kiernan points out on WalletHub.com, credit card companies relay account information to the major credit bureaus on a monthly basis.
“If you use your card responsibly, the positive information reported to the credit bureaus will allow you to build or rebuild a solid credit history,” he informs, “You also don’t need to use your credit card to benefit. As long as you have an open account that is in good standing, positive information will appear on your credit reports every month.”
Credit card acceptance gives your customers mini-loans.
When a purchase is paid for with cash, the customer’s money is gone immediately. With a credit card payment, the purchase is paid for by the credit card issuer. Essentially, that allows a shopper extra time to actually release the money needed to buy the product or service. In essence, a credit card gives its user a mini-loan. As long as the balance is paid in full before the due date, no interest is charged.
“If you need to make a big purchase, a credit card lets you pay over several monthly instalments,” affirms Ella Jukwey on MoneySuperMarket.com, “This can help with budgeting and it won’t leave a huge hole in your finances.”
Credit card acceptance protects shoppers from losing their money.
What happens when you lose your cash or have it stolen? Chances are that it is gone forever. What happens when you lose your credit card or have it stolen? You simply get it replaced. What happens in the event your lost or stolen card is used to make fraudulent purchases? You will not be held liable to pay for them!
“A credit card is easier to conceal and carry than cash, and it’s also a lot easier to keep tabs on a card than the exact amount of cash you have with you,” notes Kiernan, “Plus, with a credit card, you don’t need to worry about having a lot of cash on you for big-ticket purchases. In the unfortunate event that your credit card is lost or stolen, you aren’t liable for any unauthorized charges and therefore won’t lose any money. You can’t say the same for cash.”
Does your business accept credit cards as methods of payment?
At Unity Payments, we proudly offer Canadian merchants a variety of high-quality POS terminals to choose from. You can easily and securely accept credit card and debit card payments with 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 at 1-800-661-3761. You may also email us at info@unitypayments.ca.
