Tourists are adding Canada to their travel bucket lists more than ever before. In fact, 2017 saw a record number of visitors to Canada with 20.8 million tourists visiting our country, an increase of 4.4 per cent over 2016. And while Canada’s 150th birthday may have been a cultural milestone and a peak for tourism, 2017 was really a continuation of already impressive tourism momentum.
Last year was the eighth consecutive year of increased travel to Canada, and it’s likely that Canadian businesses should expect even more tourists in 2018. In fact, the Government of Canada expects the number of international overnight visitors to Canada to increase by 30 per cent by 2021, with the number of tourists from China alone to double by that same year.
So what can Canadian businesses do to get the most out of this year’s summer’s tourist boom, and make it even easier for visitors to spend? Here are a few tips:
1. Recognize the opportunity. More tourists mean more potential customers for you, which could have a big impact on your bottom line. Think about what you’re doing to attract international customers, and their wallets, to your business. Considering that last year China was Canada’s second largest overseas market for international tourists in terms of spend, there could be a great opportunity for retailers to begin accepting Chinese credit cards like UnionPay®, to make shopping even easier for these customers. With 2018 designated the Canada-China Year of Tourism by the Government of Canada, it’s expected that even more visitors from China will visit this year.
2. Make it easy for tourists to spend. Give customers the flexibility to choose to pay in their preferred currency by using a payment feature like Dynamic Currency Conversion (DCC) by Moneris®, which converts up to 90 currencies right at the checkout counter. DCC allows customers to see the cost of their purchase in their home currency when using a foreign Visa® or Mastercard® credit or debit card, and the option to choose to pay for their transaction in either their own currency or Canadian dollars. This way, they’ll know what to expect on their credit card statements when they return home.
3. Don’t wait until it’s too late. Leaving your customers to mentally convert their purchase totals can translate to miscalculations and lower sales. Adding DCC to your account is a fast and simple way to keep the lines moving with customers who are confident in their purchases, and ensures you make the most of the summer tourist season!
Interested in finding out more about DCC and the benefits it provides? Visit moneris.com/dcc or call 1-866-DCC-2234 today!
 The types and number of currencies supported by DCC may change or vary.
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