It’s certainly no secret that Canadians love their credit cards. As reported by Marija Pandurov on Reviewlution.ca, there were 76.2 million credit cards in circulation in 2021. The number of credit cards in use is forecast to reach 82.79 million by 2025. As a merchant, do you have any doubt that you should be accepting credit cards as methods of payment in your store?
Be mindful that credit cards do a lot more than simply provide consumers with quick and convenient ways to pay for purchases. They offer so many more benefits. This is why accepting credit cards is a customer-centric move.
Credit cards offer rewards points.
For many consumers, collecting points is a top-of-the-list reason to use credit cards to pay for purchases. With each purchase on a rewards-based card, points are earned. Essentially, using such credit cards significantly increases the value of each purchase. Spending enables cardholders to inevitably redeem their points for free items or experiences. Travel rewards such as airline tickets, hotel stays and car rentals are especially popular.
“Credit cards can be a great way to earn rewards or cash back on purchases you’d be making anyway,” affirms Jennifer Brozic on CreditKarma.com, “There are a variety of rewards cards to choose from, including travel, hotel, airline and cash back cards, to name a few. The type of card that’s right for you will depend on the kind of rewards you want to earn, your lifestyle and your spending habits.”
Credit cards offer fraud protection.
One of the main reasons consumers prefer using credit cards for major purchases is the added protection they receive. In addition to purchase protection features which help to cover items that are lost, stolen or damaged, many credit cards offer fraud protection. That means that if fraudulent charges are placed on the credit card, its rightful owner will not be liable for the charges.
“Debit cards and credit cards both often offer fraud liability protection,” explains TD Bank, “But there is a major difference in the amount you could be liable for if someone uses your card for fraudulent transactions. With a credit card, you're typically responsible for up to $50 of unauthorized transactions, or zero if you report the loss before the credit card is used.”
Credit cards help consumers to purchase big budget items.
We’re not recommending that people should spend more money than they have. There are, however, those moments in life when big expenses need to be made. Car repairs, for example, can be required without a moment’s notice. Having to spend several thousand more dollars than expected during any given month can be tough. That is, of course, unless you have a credit card with a limit that lets you pay for large charges.
“Most credit cards have a limit, serving as the maximum spending point within the statement period,” writes Pandurov, “Only 15% of Canadians have a credit limit of less than $2,000. Spending over the limit can affect your credit score negatively.”
Are you looking to upgrade your POS terminal?
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.
