Whatever your business needs, the Visa payment card network offers powerful solutions to potentially contribute to your success.
Did you know 70% of Canadian small businesses surveyed use Visa cards for business purchases?1 Accepting payments by credit card gives your customers another payment option. This may help to build your business, strengthen existing relationships and attract new customers.
With cheques, you often wait 30, 60 or even 90 days to receive payment from your customers. But an approved Visa transaction is credited to your account as early as the next business day. Faster access to funds means improved cash flow for your business.
Most businesses donít realize the high costs of cheque-based transactions. Accepting payment cards can help reduce the costs of bad cheques and write-offs.
|SMALL BUSINESSES SURVEYED IN CANADA||MEDIUM/LARGE COMPANIES SURVEYED IN CANADA|
|For every $1,000 in sales|
|$5 is paid to collection agencies for collection services.||$10 is paid to collection agencies for collection services.|
|$15 in sales is written off as uncollectable.||$14 in sales is written off as uncollectable.|
|That's an average of $20 in cost savings for every $1,000 paid for by payment cards.2||That's $24 in cost savings for every $1,000 paid for by credit card sales.2|
Saving on collections and write-offs alone makes it worthwhile for small businesses and medium/large companies to accept payment cards. It could also offset any fees you may pay to accept payment cards.
Accepting Visa cards is an easy way to help streamline your payment process. That can save you time and money.
Accepting cheques is costly.
Here are several potential reasons why: labour and invoicing, cheque fees, bank account deposit fees, NSF fees, collection costs and write-offs. They can all take a toll on your bottom line.
Processing cheques is time-consuming.
Managing purchase orders and invoices, following up on late payments and handling collections all take time. Accepting Visa cards limits the paperwork, leaving you with more time to focus on other business activities.
With Visa, the most widely held commercial credit card in Canada,3 you potentially expand your customer base and increase sales.
Your customers may want to use Visa.
With over 30 million Visa business and consumer cards in Canada,4 it is likely many of your customers would like to use their Visa cards with you.
For more information, download the B2B Acceptance Brochure (pdf 2.1MB).