Short for “Canadian National Exhibition” (also known as the CNE), The Ex is an annual summertime event which transforms the lakeshore-based section of Toronto into a huge theme park. Complete with rides, live shows, games, food and tons of vendors, The Ex is a must-experience event for Torontonians and tourists every summer.
One week ago today marked the last day of The Ex’s 2024 run. However, this past weekend, a colleague of Unity Payments regaled us with a cool story about her experience this year. “Everyone accepted credit cards,” she told us, “Not long ago, all of the food vendors only accepted cash. Now, I couldn’t find one who didn’t accept my cards. It was awesome!” What made it awesome, said our friend, is that using a credit card provides her with peace of mind.
They offer warranties and purchase protection.
If you make a purchase with cash and something happens to your item, you don’t have much recourse. When a purchase is paid for on a credit card, it can be covered in the event of loss, theft or damage. As Mark P. Cussen of Investopedia explains, some credit cards provide additional warranties or insurance.
“If an item bought with a credit card becomes defective after the manufacturer’s warranty has expired, it is worth checking with the credit card company to see if it will provide coverage,” he writes, “Or you may have purchase and price protection built-in to help you either replace items that are stolen or lost, or refund price differences when the item that you purchased is sold elsewhere for less.”
Your money is always protected.
In the event your cash is either lost or stolen, your money is likely gone forever. A lost or stolen credit card, however, can easily be replaced. Any fraudulent charges that may occur can be investigated by your credit card provider and waived. That way, you’re not responsible to pay for them.
“When someone steals your credit card information...that money isn’t being taken directly out of your account,” affirms Nicolas Vega of CNBC, “Instead, it appears as a charge on your account, which your credit card issuer can investigate and waive when they find it didn’t come from you. While this is going on, your money is still safe in your bank account.”
They help to build credit history.
Using a credit card is arguably the easiest way to establish a credit history. Those looking to buy homes, cars and/or other large expenses should know how important it is to establish good credit. By making charges on a credit card and paying it off in full and in a timely manner, one can grow his or her credit score.
“Credit card use is reflected on your credit report,” informs Cussen, “That includes positive history, such as on-time payments and low credit utilization ratios, as well as negative items such as late payments or delinquencies. Your credit report information is then used to calculate your credit scores.”
Do you accept credit cards at your business?
At Unity Payments, we proudly offer Canadian merchants a variety of high-quality payment terminals to enable them to accept credit cards and debit cards. They include the Poynt Newland 910, the Ingenico Desk/5000, the Ingenico Move/5000 and the Poynt C Smart Terminal. 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.
