The information in this article is provided solely for informational purposes and is not intended to be legal, business or other professional advice or an endorsement of any of the websites or services listed.Over the past decade, the world of payments has changed in ways we have never seen before. Card-based payments have dethroned cash as the most common payment method, and with the growth of mobile-based payments, this could change again.
As a business owner, all this change can make it difficult to predict how your customers are going to pay, and what you should have on-hand to meet these payment demands. Consider the following payment types, and if you are prepared to accept them at your business.
Do you know how many Canadians have a debit card? According to the Canadian Bankers Association, 94% of Canadians have a debit card that we use to make purchases, so it only makes sense that businesses accept this form of payment.
All standard payment terminals are built to accept debit transactions, through swipe, inserting a chip, or tap. If you have a payment terminal on-site already, you are likely well equipped to accept debit transactions. Remember though, swipe transactions pose the highest risk for fraud, so always prompt your customers to insert or tap their card at the terminal.
Credit cards are the most common payment method for Canadians, which means that if you’re not already accepting credit cards, you’re likely missing out on a lot of potential sales.
Canadians have an expansive selection of credit cards to choose from today, but they all fall into four major card networks: Visa, Mastercard, American Express and Discover. From these four card networks comes a number of different card issuers, offering a variety of cards to suit the needs of different shoppers. This means that you’re going to see a lot of different credit cards at checkout, and you should be prepared for them.
Credit card payments continue to grow in popularity, so it’s important to keep your payment options open to potential customers. All standard Moneris payment terminals come equipped to accept credit card payments, so if you already have a terminal, you’re able to accept credit cards. If there are any restrictions on how you process these cards however, like not accepting tap payments or certain networks, you should consider removing these barriers to accepting payments.
Mobile payments are one of the more recent developments in the payment space with the introduction of digital wallets like Apple Pay, Google Pay, and Samsung Pay. These mobile payment solutions allow users to use their smartphone or other capable device to make payments, with a connected credit and/or debit card. Customers simply have to place their device above a payment terminal, and use their fingerprint or password to confirm the purchase.
These payments process in a similar way to tapping a card, as the NFC reader in the payment terminal communicates with the device to transfer the info needed to process the payment. And, just like tap payments, these purchases are capped at $100, which significantly lowers the risk of fraud. If your terminals can already accept purchases through a tap card, you can already accept mobile payments; if not, get in touch with a Moneris representative to find out how to have tap initiated.
If your business is in a tourist hotspot, accepting international payments is a great way to encourage larger and repeat purchases from visitors. Though this may be complicated with cash, a feature like Dynamic Currency Conversion from Moneris gives customers the flexibility to choose to pay in either Canadian dollars or their home currency on the terminal itself. This is a great way to enhance your business’s offerings, while helping to create a comfortable experience for foreign shoppers.
If you are interested in learning more about how your business can accept any of the above payment methods, or add-on to your current services with features like DCC, contact us today!