Over 10 Years in Business Since 2001, Collective Point of Sale Solutions has been Canada’s Choice for payment processing services and secure point of sale solutions. We have served more than 11,000 businesses across Canada and processed more than $1 billion in debit and credit card transactions.
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Consumers using credit cards to help finance summer vacations
June 14, 2012 - 1:03pm
As consumers prepare for the summer, they are likely thinking of ways to take a relaxing vacation. In times of economic hardship, this probably means being more budget-conscious. Staying local for a "stay-vacation" and visiting relatives to save on lodging costs are common ways for families to keep their vacation bills down without forgoing the trip altogether.
Taking full advantage of credit card bonuses and rewards is another way to squeeze the most out of vacation dollars. As consumers become more savvy, more are learning the ins and outs of their credit cards to maximize their benefits. The more they learn about these benefits, the more frequently they are likely to use them for purchases. This means that merchants who accept credit cards are in a much better situation to capitalize on this growing trend.
Credit card processing is an essential tool for businesses to attract customers hoping to use their cards in order to receive vacation bonuses.
Many consumers are acquiring new cards in order to get even more bonuses. There is often a sizable bonus for signing up for a new card, so even people with credit cards are adding more to take advantage of this bonus, which can often cover a night at a hotel or even a plane ticket.
Many tourists are also using credit cards as a way of avoiding cash withdrawal fees and processing fees for currency exchange. In Canada, this means that credit card processing merchants can appease frugal tourists by accepting their cards and saving them hassle and money.
Another place where travellers are increasingly using plastic is at car rental locations. Having a comprehensive and flexible pos terminal that accommodates many forms of transactions is integral to the success of these businesses. Customers hoping to charge a car rental will be disappointed if they learn that they can't.
Many credit cards also offer deals for gas - which is a common sore spot for travellers. This enticement is likely to be a huge incentive for consumers on the road. Gas stations and auto body shops hoping to cash in on this advantage would likely benefit by being able to accept their credit cards at the point of sale.
With all these bonuses encouraging consumers to use their credit card on vacation and while preparing for them, businesses that can't process them will likely be losing a large revenue stream. Learning about merchant services that can help you capitalize on the growing number of thrifty travellers.