Canadian Summers Heat Up with International Tourism

May 3, 2018

There’s no doubt about it, international tourism is big business for Canada, especially during the summer months.

In fact, between July and September of 2017 alone, 8.3 million international tourists spent more than $8.3 billion[1] at Canadian businesses. While summer visitors are spending most of their vacation dollars on accommodation, food and beverages, and transportation within Canada, other types of businesses are benefitting too.[2] Data from Statistics Canada shows that summer tourists spent hundreds of millions of dollars on clothing and gifts, recreation and entertainment activities, and souvenirs in 2017.[3]

There are many opportunities for Canadian businesses to cash in on tourist season, so long as they are prepared to meet the needs of visitors.

How to Prepare for Tourists

Regardless of your type of business, tourist dollars can positively impact your bottom line. One way to prepare is to make sure you’re ready to accept their payments however they choose to pay. Like many customers, tourists don’t always carry a lot of cash, so ensure you accept major international credit cards to quickly make and complete sales.

Also, consider allowing international visitors the flexibility to choose to pay in their preferred currency. Dynamic Currency Conversion (DCC) by Moneris® empowers tourists by letting them pay in their own currency[4] so they see how much they’re spending in the currency they’re most familiar with. This helps them track their spending on the go so they don’t return home to an unexpected amount on their credit card bill.

DCC is available for foreign Visa® or Mastercard® credit or debit cards, and works with over 90 different currencies. The best part is that DCC is easy to activate, as this optional feature works on most Moneris core terminals.

Don’t miss out on the 2018 tourist season. Prepare your business for what will likely be another impressive summer for international visitors. If you’re interested in learning more about DCC and the benefits it can provide your business, visit moneris.com/dcc or give us a call at 1-866-DCC-2234 today!

 

 

[3] Statistics Canada P2017Q3 International Travel Survey, US and Overseas Residents Travelling to Canada (Inbound), Period: Quarter 3, 2017, Trip-Expenditures by Area of Residence and Type of Expenditures (Clothing and Gifts - $831 million; Recreation and Entertainment - $671 million; Other – Souvenirs, Shopping, Etc. - $187 million).

[4] The types and number of currencies supported by DCC may change or vary. 

Moneris® is a registered trade-mark of Moneris Solutions Corporation. VISA is a registered trade-mark of Visa International. MASTERCARD is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. 

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