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70% of Canadian small businesses surveyed use Visa cards for business purchases,1 By accepting payments by credit card, you’re giving your customers another payment option. This may help to build your business, strengthen existing relationships and attract new customers.
1. Faster Access to Funds
With cheques, you often have to wait 30, 60 or even 90 days to receive payment from your customers. That’s not the case with credit card purchases. Most sales are turned into cash by the next day. Faster access to funds means improved cash flow for your business.
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2. Reduced Collection Costs and Write-offs
Most businesses don’t realize the high costs associated with cheque-based transactions. Accepting payment cards can help reduce the costs of bad cheques and write-offs.
The savings on collections and write-offs alone, makes it worthwhile for small businesses and medium/large companies to accept payment cards. These savings could offset any fees you may pay to accept payment cards.
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3. Reduced Payment Processing Costs
 Accepting payment cards is an easy way to help
streamline your payment process,
which can save you time and money along the way. Here’s why:
Accepting cheques is costly.
A number of factors contribute
to the overall cost of processing cheque-based payments. These expenses could include labour and invoicing, cheque fees, bank account deposit fees, NSF fees, collection costs and write-offs. All can 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 payment cards reduces the paperwork, leaving you with more time to focus on other business activities.
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4. Increased Sales Potential
 When your business accepts Visa cards, the most
widely held commercial credit card in Canada,3 you potentially expand your customer base and increase sales.
And you strengthen relationships with those existing customers who would rather
pay for goods and services quickly and efficiently with their Visa card.
Your customers would like to use their Visa cards for purchases.
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 card with you.
For more information download the B2B Acceptance Brochure. (pdf 2.1MB)
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Visa Inc.
