Page 12 - GBC Summer ENG flipbook 2024

Harvey Silverman
Harvey is a marketing consultant, researcher and author, with almost 30 years of golf industry experience. He is the owner of Silverback Golf Marketing and recently wrote “Deck of Cards: How to Ace Credit Card Processing and Save Money” produced for the National Golf Course Owners Association (US). Contact Harvey at harvey@silverbackgolf.com.
Reference:
FAIRWAY
FINANCES
Navigating Payment Processing at your Facility
1 Payments Canada is a public purpose organization that owns and operates Canada’s payment systems, Lynx, and the Automated Clearing Settlement System (ACSS), and is responsible for the physical infrastructure and the associated by-laws, rules, and standards that support these systems. Payments Canada report dated Oct. 5, 2023 can be found at: https://www.payments.ca/canada-reaches-117-trillion-payment-transactions-2022-seven-cent-value-2021#:~:text=Credit%20cards%20represent%2033%20per,all%20at%20two%20per%20cent
12 Golf Business Canada
Business life was so much easier years ago when nearly everyone paid with cash. Merchants might get an occasional American Express or Diner Club card and think, “Wow, this is a really special customer.” But over time, more people dug into their wallets for a plastic card rather than a paper bill. And with it, expenses increased for one simple reason – every bank card transaction generates a fee that’s a cost of doing business. But that cost has huge benefits, including opening more opportunities for consumers and golfers to pay for the sport they love.
PAYMENT TRENDS IN CANADA
In its report dated Oct. 5, 2023, Payments Canada1 analyzed 20.5 billion payment transactions made in 2022, totaling$11.7 trillion. The average credit card transaction value was $99, while the average debit card transaction value was $47. Cash use grew 2% in volume, with the average cash transaction value at $29. In other words, consumers are more likely to pay larger transactions above $50 with credit cards, smaller ones with debit, and then cash. In fact, credit cards represented 33% of all payment volumes in 2022; followed by debit cards at 31%; and cash at 10%.