Could you imagine a world without debit or credit cards at this point? Chances are good that the answer is no—they’ve become ingrained in our lives. What if you head to a store and don’t have enough cash in your pocket? You wouldn’t be able to simply whip out the plastic and charge the item, so you’d either have to write a cheque or leave the register without your product, which can be both inconvenient and embarrassing.
Having a backup method of payment and a quick way to complete a transaction are just a couple of the numerous perks of having a credit card in your wallet. This is why the majority of Canadians now have a piece of plastic on them when they go shopping.
More than three-quarters of Canadians have a credit card.
According to information from IHS Global Insight, 85 per cent of Canadians have at least one major credit card in their wallets, the Canadian Bankers Association (CBA) reported. What does this mean for small business owners? They need to have credit card processing technology in their stores. If their customers don’t have enough cash on hand, they can lose out on the sale—but chances are good that almost everyone who walks through the door will have plastic.
This is especially true considering the study stated that 94 per cent of Canadians have a debit card.
What is expected of store owners?
Because debit and credit cards are such a central financial factor in our lives these days, most Canadians take them for granted. CBA noted that the majority of Canadian consumers walk into a retailer expecting that they’ll have many payment options at their disposal. As such, company owners have to make sure they’ve implemented the latest technology.
Think of it this way—say you sell sweatshirts at a small mom-and-pop store, and a customer walks in with nothing but plastic in his pocket. When you inform him that he can only pay in cash, he’s going to walk out without buying a thing. Moreover, he might stroll across the street to a competitor’s store, which will secure the transaction when the customer swipes his card in a processing machine.
Because people rightly expect to be able to complete a transaction using one of the nation’s most popular methods of payment, company owners need to be ready to meet these wishes if they want to succeed.
For information on how you can start accepting credit cards, visit the Sage Payment Solutions site.