0

Trends In Payment Methods : Debit, Credit or Cash

Every vendor wanted to sale as much as possible and in order to gain more sales with the existing locations, one comes to mind that how can we increase the sales with existing locations without expanding to buy more machines and invest in locations ?

Most vendors need to know what is trending right now

, i was searching in google and typed the keywords payment trends and stumlbed upon a comprehensive report on :

 

Canadian Payment Methods and Trends: 2016

Payments Canada Discussion Paper No. 7 – November 2016

this is a real and requires no guesswork and done for you as a vendor in reearching what accesories which is needed to install on your existing machines provided that it is MDB complaint ( meaning that you can install the latest products on your machine sort of a compatible usb plug that can run a lot of compatible accessories ).

I actually installed a USA Credit Debit reader

on one of my locations and normally prior to the install i was visiting the location 2x in a month and after having the conveniene of using your credit debit cards the sales jumped by more then 30% to 40% and i have to go there every week.  I don’t know if this will work with other locations.  The cost of the USA Debit Credit reader is around $350 and this translate into a good investment and would recoup in a matter of 1 year.

On my observations, i also have locations which just have the USA Tech debit credit reader and there was no bill validator, what i did was i installed bill acceptors to see if the sales would increase on locations with USA Credit debit readers, to my surprise , the results was very minimal, the increase in sales is around 10% which is minimal if you are justifing at the expense of spending $350 for a bill validator.  This would take around more than 2 years just to recoup the investment of the bill validator.

So what are the comparisons in upgrading a USA Tech Debit Credit Reader Vs a Bill Validator ?

The benefits is just upgrading into a USA Tech Debit Credit Reader would outweigh the bill validator since the trend is towards cashless, the servers of the reader is constantly upgraded and by december 2017 it will be accepting contactless whereas the bill acceptor needs to be re flashed on the eeprom in case there is a new bill and would cost around $20 for upgrading and requires you to go to the location and connect the programmer to the bill validator and wait for 2 to 5 minutes.

The vote would be just to acquire USA Tech Debit Credit readers as an upgrade option if you wanted to boost more sales and gives you the convenience to check your sales remotely and make a pre alerts to you via emails on its daily report.

With due respect on copyright issues,

i will be taking snapshots and referring the report on 2016

Canadian Payment Methods and Trends: 2016
Payments Canada Discussion Paper No. 7 – November 2016

Pictures, graphs and tables tells you a thousand words by itself, so here is for you to see and digest the information as follows below :

https://www.payments.ca/sites/… ( link to the report on 2016 Canadian Trending Payment Methods )

Conclusion

With the advent of the trend towards Debit Credit Card usage and declining cash towards purchases as evidenced on the study made above. Invest in a Debit Credit Reader.

The debit credit reader can be transferred and sold as well and considered as an asset as well, it is a solid investment.

admin

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.