Are you still on the fence about accepting credit cards at your business? There are a number of businesses that don’t accept credit cards, even if they have a payment terminal on-hand for debit transactions. If this sounds like you, it’s time to start considering accepting credit card payments, and for good reason! Consider the following three reasons why now is the best time to start accepting credit cards.
Nearly 90 Per Cent of Canadians Have a Credit Card
When it comes to the most popular payment methods for Canadians, credit cards are undeniably popular. According to research compiled by CreditCards.com, 89 per cent of adult Canadians had at least one credit card in 2016. On top of that, the average number of credit cards per Canadian adult in 2016 was 2.2. This means that your customers over 18 are likely to have at least one credit card ready to use, so long as you’re ready to accept them.
Credit Cards are Being Used in Record Numbers
Not only are most Canadians carrying one or more credit cards, they’re regularly using them to make payments. According to data compiled by the Canadian Bankers Association, over 502 billion dollars were processed on credit cards in 2017, a number that continues to rise every year. This could be due to a number of factors, like convenience or the benefits of a reward system that comes with the cards, but it’s undeniable that credit cards are continuing to rise in popularity. Accepting credit cards at your business will make sure that your sales are included in this rising processing number, and ideally get your numbers rising as well!
They Make The Checkout Experience Simple
There are a number of ways that accepting credit cards can actually alter the checkout experience in a positive way. Given that credit cards are typically a guaranteed payment type, fewer time delays come with credit cards than with cash or debit cards; there’s no counting change, trying different accounts, or worrying about being low on funds. This can help to ensure that a customer will have their payment processed quickly, and your end of day numbers add up correctly.
In addition, credit cards are easy to accept. If you have a payment terminal already for accepting debit card transactions, you’re already set to accept credit card transactions. If you’re not sure that you’re terminal and merchant plan is configured to process credit cards, make a brief phone call to your payment processor to make sure.
Interested in learning more about credit card acceptance in Canada? If so, make sure to read our articles 3 Ways Credit Card Acceptance Can Change as Your Business Grows and Credit Card Acceptance in Canada: What You Need to Know.