There are many different reasons why the majority of consumers like to use credit cards to pay for their purchases. Getting cash back and earning rewards are among the most popular. Do you accept credit cards at your place of business? Let’s look into why your customers practically insist upon using them.
Credit card acceptance helps consumers to 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 or 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 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.”
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 gives 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.
“You have at least 21 days from the time you receive your credit card bill each month to pay it,” explains Kiernan, “This means that if you pay your bill in full every month, you may have up to 51 days (21-day grace period + 30 days in a billing cycle) before you have to pay your credit card issuer back for the purchases you make.”
Contact Unity Payments today!
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.
