Business Terminals

What Are The Benefits Of Using Debit Cards Over Cash?

A week ago, the Unity Payments Blog posed the question, “How Close Is Canada To Becoming A Cashless Society?” In that blog entry, we noted that while Canada may not be giving up on cash completely, it is clear that credit cards and debit cards are much preferred methods of payment.

When it comes to using debit cards, Canadians certainly know a thing or two. According to Interac, there were 6.2 billion Interac debit transactions in 2019. That same year, there were 511.7 million Interac e-transfer transactions. As well, on average, there were 25.5 million active Interact debit users per month.

Canadians love to send e-transfers.

As Interac makes clear, debit cards are far more useful than cash. Cash, of course, is used to pay for purchases. That’s pretty much all it does. Debit cards, on the other hand, can be used for much more than simply paying for purchases. E-transfers, as noted earlier, are widely used between Canadians to send money to each other.

By having an Interac debit card, people are able to e-mail money back and forth with a few button clicks on their smartphones. The convenience that debit cards offer their users is unparalleled. Let’s not forget how easy these cards are to use when shopping.

“Debit card payments allow you to complete transactions without having to fumble for cash, dig around in your purse or pockets for exact change, write out a check or go to an ATM,” explains Connecticut’s National Iron Bank. Evidently, our friends south of the border agree!

Debit cards offer widespread security.

No matter where you go in Canada, your debit card is accepted. And no matter where you may lose your debit card, it can be replaced. This is yet another top benefit of using these cards. They provide great security to their users. Lost or stolen cash is often gone forever. Lost or stolen debit cards can be replaced following quick phone calls to their providers.

In addition, fraudulent charges placed on lost and stolen cards can be contested. That way, their true owners are not held responsible for making payments for purchases they didn’t make. Our American counterparts also acknowledge the benefit of having such security.

“Although some consumers might think that debit card payments are less secure than the paper variety, many experts suggest otherwise, pointing out that cash or checkbooks are easily lost or stolen,” says National Iron Bank, “While identity theft remains a concern for debit card users, the experts note that they still provide more safeguards than paper, and you are not held liable for unauthorized purchases made if your card is stolen.”

Do you accept debit cards in your store?

At Unity Payments, we believe that the easiest and most convenient way for merchants to accept debit cards is with the Poynt Smart Terminal. It’s the world’s first “smart” terminal and it has revolutionized the ways in which businesses accept payments for purchases. To learn more, please don’t hesitate to call us at 1-800-661-3761. You may also email us at info@unitypayments.ca.

Author

Dan Faraldo