Consumers like to have choices. They’d much prefer to not have their payment options limited. Cash-only businesses, quite obviously, are very limiting. But even a store that chooses to accept debit cards, and not credit cards, is creating a major inconvenience for the majority of consumers.

As a merchant, your best bet is to allow your customers to choose from the myriad of payment options that are available to them. That means enabling them to use their credit cards, debit cards and gifts cards in addition to cash.

Accepting credit cards encourages impulse buys.

When customers are forced to pay with cash, they can only spend up to the amount of money they have on them. With credit cards, however, customers can spend up to the amounts of their credit limits. Credit card acceptance enables people to spend more in your store. That includes making impulse buys. Placing Visa and Mastercard logos at your front entrance and displaying products by the checkout usually equals a spike in sales!

“Credit cards encourage impulse buying and improve your cash flow,” affirms Elie Y. Katz of Forbes, “An MIT study indicated that customers tend to spend an average of 83% more when they're paying with credit cards. This includes a high rate of impulse purchases. Credit card transactions are processed and verified electronically, and settled quickly.”

Credit card acceptance helps consumers to better manage their money.

When customers pay with credit cards, they don’t let go of any money immediately. Credit cards, in effect, offer their users mini-loans. The charge is placed on the customer’s account and he or she is then billed for it when the credit card’s cycle closes for the month. The customer then gets some time to pay the bill before any interest charges accrue. The extra time plus the bookkeeping aspect of this process helps savvy shoppers to better manage their money.

“According to the Canadian Bankers Association, the top benefits of credit card use for consumers include: access to unsecured credit (no collateral required against amounts charged); interest-free payment from time of purchase to the end of the billing period; (and) instant payment of purchases, allowing for instant receipt of goods and services.”

Credit card purchases come with added security.

If an item purchased with a credit card is damaged, lost or stolen, its user can contact the credit card company to take advantage of the insurances available on the account. The same item purchased with cash, however, is lost forever. Your acceptance of credit cards gives your customers better peace of mind.

Mastercard highlights purchase protection as a top everyday benefit of using their credit cards. According to their website, they provide coverage for most items purchased with an eligible Mastercard if the item is damaged or stolen, typically within 90 days of purchase.

Is your business plastic-friendly?

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.

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