Saturday, 24 October 2020

Credit Card Sales in Small Businesses

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.”

- Advertisement -

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’.”

- Advertisement -
Q Costa Rica
Q Costa Rica
Reports by QCR staff

Related Articles

Number of Small Businesses In Costa Rica Up 10%

On average, microempresas (small businesses) in Costa Rica have 13 years...

Costa Rica’s Capital Gains Tax Is The Highest In The Region

Costa Rica's capital gains tax is the highest in the region,...

MOST READ

Global Ideas ‘Climate change is making us stronger’ — Resilient Bolivian women adapt to global warming

Nestled in Bolivia's Cochabamba valley is the village of Tiraque. One of dozens of indigenous farming communities in the traditionally fertile local region, it...

Exercise their powers effectively and with a sense of urgency

"Exercise their powers effectively and with a sense of urgency"

Foreigners represent 14% of the patients treated for covid-19 in hospitals

QCOSTARICA - Of the 410,000 people with inquiries related to the new coronavirus at the medical centers of the Costa Rican Social Security Fund...

Costa Rica’s new Congress building becomes a ‘super spreader’

QCOSTARICA - After six and a half hours of discussion on the Legislative floor, Eduardo Cruickshank, chairman of the Legislative Assembly, suddenly stopped the...

Mexico vows ‘cleanup’ after ex-defense chief arrested in US

Q24N - President Andres Manuel Lopez Obrador said on Friday that he would not tolerate members of his government that may be linked to...

14 cases of COVID-19 confirmed in new Congress building

QCOSTARICA - Fourteen officials of the Legislative Assembly were diagnosed with COVID-19 on Tuesday. The cases resulted in a temporary suspension of functions, including legislative...

Let's Keep This Going!

To be updated with all the latest news and information about Costa Rica and Latin America.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.