One of the most reputable associations set in place for those banking, Canadian Banker’s Association, states that a credit card poses many benefits for both the retailers and the consumers as a whole. Because of the new-found speed of payment processing and mobility thanks to technology, credit cards are now the most desired way of paying, as they are the quickest. Despite whether the consumer has the cash on hand or not, the flexibility and ease of use of using a credit card has allowed the consumer to shop quickly and wherever they want. When a business allows consumers to pay with more than “cash only” options, they are capitalizing on the ease of use of a credit card and are setting themselves up for generating more revenue.
Advantages of Using a Credit Card as a Consumer
There are quite a few advantages to using a credit card as a consumer, and they’re the preferable payment method for mostly all consumers – even ones that don’t generally use credit cards. First, the credit card is supplied to the consumer via a financial institution, then, they’re secured through an issuer like American Express, Visa, and MasterCard, with the end of the line being processed through a merchant service and processing provider like the Royal Debit.
Credit cards are accepted in more than 200 countries currently, and consumers are promised that they’re protected against fraud. One of the primary advantages is that when a payment process is done quickly, whether online or in person, the consumer is more likely to go there again because of the speed and convenience offered. When they feel secure and have a fast experience, along with an Interest-free experience, they’re going to continue using that card and that retailer.
Advantages of Offering Credit Cards as Payment Method for Retailers
Maybe you’re on the other end of the rope: the retailer. There are quite a few advantages in offering this as a payment method, including being able to satisfy your customer immensely. Imagine that a customer pulls up and has had an awful day where they need a drink or have had an emergency, but you don’t accept any cards! Your store has just made it that much harder for them to catch a break. They won’t want to go to an ATM and then come back to your store when they can go to a store that accepts credit cards.
Not only will the consumer have a better experience, but you’ll be able to generate revenue with this POS solution, and reduce the number of human-error that occurs with cash-handling, accounting, and discrepancies. In short, you lose a lot more by not gaining a customer than you would with transaction fees from the POS provider.
Considerations for Partnership with a Merchant Service Provider
There are a few considerations one much make, including integration of a wireless solution to ensure an extension of coverage, consider a “tap and go” POS solution for increasing the speed of your store’s service, accuracy, and more. When you accept credit cards or participate in owning one, you’re going to have a seamless shopping experience.