Happy new year everyone! On behalf of the entire Unity Payments team, we would like to offer you our warmest wishes for 2022. Here’s hoping it’s your most prosperous year to date! We believe there is one guaranteed way to help your company to grow this year. That would be to ditch its cash-only ways.
If you already accept credit cards and debit cards, good for you! It’s important to advertise that fact. Accepting credit cards legitimizes your business in a number of ways.
It bolsters your reputation.
Do the logos for Visa, Mastercard and American Express adorn the front entrance of your store? Can they be found near your checkout counters and cash registers? By clearly exposing the fact that your store is plastic-friendly, it helps to showcase your brand as reputable. In 2022, cash-only businesses are seen as “small time”. Worse, they are seen as “behind the times”. Credit card acceptance is a key way to earn both respect and loyalty from card-carrying consumers.
“Entrepreneurs strive hard to establish a legitimate image of their business in the industry,” states Indifi.com, “Displaying credit cards logos of reputable brands like Visa or MasterCard adds credibility to the establishment and instils a sense of trust in customers.”
It helps to grow your customer base.
Accepting credit cards lets your brand play with the big boys. Needless to say, all big-name stores and outlets are credit card acceptors. By allowing your customers to choose credit cards as their methods of payment, you put your store on an even playing field with its larger competitors. In addition to making your business more alluring to consumers, it will encourage people to spend more money in your store.
“If you don’t accept credit cards in your business, you’re limiting your customer base,” writes Mandy Sleight on ZDNet.com, “Just 26% of transactions are paid for using cash. Most often, cash is used for purchases of $10 or less, at 49% of all transactions. Consumers who prefer to pay with their credit cards may opt to go elsewhere if you don’t accept credit cards, making you lose out on what could have been a large sale.”
It improves productivity.
Your staff members are likely to have many different responsibilities that require their attention each day. Depositing cash into your company’s bank account shouldn’t be one of them. With credit card acceptance, you cut out unnecessary trips to the bank. Each transaction represents a portion of an automatic deposit that is made into your account at the close of each business day. This enables everyone on your team to focus on other tasks, making them more productive.
“The rigmarole of processing cheque, managing accounts, and visiting banks involves a lot of time and money,” notes Indifi.com, “Credit card payments are automated. The customer punches the credit card number and the transaction is approved or rejected within a few seconds. In short, it’s quick, safe and enhances productivity.”
Are you looking to upgrade your POS terminal?
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.
