12 Reasons To Accept Debit And Credit Cards

How to Accept debit and credit cards for my businessBuilding a successful business in today’s challenging economy means you need to optimize every single opportunity. We understand how hard you work to provide top-notch value and best-in-class service to your customers, but are you giving them the most convenient payment options? Here’s why you should consider accepting debit and credit cards.

1 - Accepting Debit And Credit Cards Adds Legitimacy To Your Business

By displaying the logos of the credit cards you accept at your cash register or on your website, you grab a cardholder’s attention and create in them a sense of trust in your business. They trust the credit card brands enough to carry them in their wallets, and that trust transfers to the merchants who accept them. When they trust you, they’re more likely to buy from you.

2 - Consumers Seek Out Merchants Who Accept Debit And Credit Cards

Customers want to choose the method of payment that’s most convenient and beneficial for them. Frequently that means debit and credit cards, especially if they offer points, mileage or other awards that are attractive to them. Can you afford to lose a customer just because you don’t offer a debit and credit card option?

Consumers expect the businesses they frequent to have modern, reliable technology for their convenience. Accepting debit and credit card payments makes your customers’ day easier, and helps them get the most out of their credit card reward programs. That goes a long way towards ensuring that they come back.

3 - Accepting Debit And Credit Cards Will Boost Your Sales

When you take your business from a cash-only operation to one that accepts debit and credit cards, your potential customer base will significantly expand….and the more customers you attract, the more likely you are to make additional sales.

4 - Your Competitors Accept Debit And Credit Cards

Providing the latest in electronic payment technology can give you the competitive edge you need to attract new customers to your business.

5 - Your Business Revenue Will Increase

Research shows that accepting credit cards (Visa®, MasterCard®, American Express®, Discover®) can increase revenue by as much as 25 per cent. Offering your customers a variety of payment options, like both debit and credit cards, makes your products and service available to a broader client base because those customers who may not have cash on hand will be still be able to make purchases they may otherwise have passed up.

6 - Credit Cards Encourage Impulse Buying

Shoppers feel in control when they use debit and credit cards. They like being able to complete transactions quickly and easily without having to run to the ATM for cash or write a cheque, both of which are limited to their available funds. Some studies have indicated that customers tend to spend more when they’re paying with plastic instead of cash, most likely due to the credit line their card provides.

7 - Accepting Debit & Credit Cards Makes Your Business More Efficient

We have all been stuck behind the person at the check-out who seems to take forever to count out their exact change. With the convenience of Interac debit and credit card payment, there is no waiting for customers to count cash.

Accepting credit and debit cards also reduces errors on cash handling and facilitates a quicker and easier consolidation at the end of the day.

8 - Accepting Debit And Credit Cards Will Improve Your Cash Flow

Debit and credit card transactions are processed electronically and settled quickly with proceeds typically deposited into your bank account by your processor the next business day. This means no more waiting for checks to clear, no more billing and waiting to collect from your customers, and less cash to handle.

9 - Accepting Debit & Credit Cards Eliminates The Risk Of Bad Cheques

One bounced cheque can take a big chunk out of your profit for the day, not to mention the time wasted tracking down the customer to make good on the sale. Credit card transactions are screened as they are processed to reduce the risk of fraud. A reputable merchant services provider like First Data delivers secure credit card processing that helps protect you and your customers from data breach and identity theft.

10 - Accepting Credit Cards Is A Requirement If You Do Business Online

The vast majority of transactions on the Internet are paid for with credit cards. If you are an e-commerce merchant, you can’t afford not to accept plastic.

11 - Accepting Debit And Credit Cards Is A Minimal Business Expense

Credit card processing is a highly-competitive industry today, so you’re likely to find a merchant services package that suits your budget. Credit card processing rates are so low even the smallest startup or mom-and-pop business can easily afford to accept debit and credit cards. In fact, many merchants discover that the increase in sales generated by accepting credit cards more than covers the costs involved, making their merchant account an excellent return on investment.

12 - Getting Set Up To Accept Debit And Credit Cards Is Quick And Easy

At Canada First, we can process your merchant account application immediately and have you ready to process credit card sales typically within 3 to 5 business days.

Consider Canada First your one-stop solution for all of your payment processing needs. Partnering with Canada First enables you to accept all major payment options, including Interac Debit, Visa, MasterCard, American Express, and Discover. We will work with you every step of the way to determine the technology, tools, and services that best suit your needs and your budget. Find out more about how we can help keep you and your business a step ahead of the competition.

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