Yesterday, in the City of Toronto, The Ex came to a close. Short for “Canadian National Exhibition” (also known as the CNE), The Ex is an annual summertime event which transforms the lakeshore-based section of the city 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. This summer, however, The Ex showcased a little something different.
“Everyone accepted credit cards,” remarked a colleague who visited The Ex on its final day, “In the past, all of the food vendors only accepted cash. Now, I couldn’t find one who didn’t accept my cards. It was awesome!”
The Ex hadn’t operated since 2019. After a two-year shutdown because of the pandemic, it was clear that some changes needed to be made. Moving to a contactless payment system was one of them. Not only is it helpful in preventing the spread of COVID-19, it also provides visitors with a great convenience.
What other reasons would your customers have to make payments with their credit cards?
It helps 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/her credit score.
“Credit card use is reflected on your credit report,” informs Mark P. Cussen on Investopedia.com, “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.”
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 on CNBC.com, “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.”
It offers 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 Cussen 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.”
Do you accept credit cards at your business?
At Unity Payments, we proudly offer Canadian merchants a variety of high-quality POS terminals to choose from. You can easily and securely accept credit card and debit card payments with the Newland 910, the Ingenico Desk 5000 or the Ingenico Move 5000. 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.
