Tuesday 21 September 2021

Credit Card Sales in Small Businesses

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In Costa Rica, 36% of grocery stores and retail outlets have card payment systems, and on average they sell 27% more than those that do not have the service.

The data, which was collected between April and July of this year and is part of a study conducted by Fundes, that promotes the competitive development of micro, small and medium enterprises in Latin America, shows that 44% of these types of businesses have bank accounts and 83% of establishments have an internet connection.

In relation to the trend shown in the study, Carlos Melegatti, director of the payment systems division at the Central Bank of Costa Rica (BCCR), explained to Nacion.com that ” … the data reflects the challenge facing the country on the issue of eliminating cash.”

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Melegatti added that ” … ‘It is very likely that for some of these businesses a ‘datafono’ (point of sale terminal – POS) ends up being expensive because of the commissions, the cost of managing the POS and it could also be the culture, because in very remote places, people are not bancarised, so what is the point in investing if the clients are going to come to you with cash? ”

Regarding the opportunities that financial entities have to provide coverage to retail sales businesses, Ximena Lacayo from BAC Credomatic said that ” …’For national companies, trying to get to this type of business sometimes becomes a bit complicated and we need to know more about that market, especially trying to reach as many businesses as possible, know what their needs are and which ones we can cover’.”

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Q Costa Rica
Reports by QCR staff

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