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.

Thursday, August 2, 2018

The data, which was collected between April and July of this year and is part of a study conducted by Fundes, 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."

See also "Hardware Stores: Business in Central America"

Melegatti added that " ... 'It is very likely that for some of these businesses a dataphone ends up being expensive because of the commissions, the cost of managing the POS (point of sale terminal) 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? "

See also "Automotive workshops: Where are they located?"

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'.

Do you need to know where points of sale, such as grocery stores and mini-supermarkets, are located in Costa Rica and other countries in the region?

CentralAmericaData uses a geolocation system to identify commercial establishments throughout Central America. The tool allows points of sale to be identified and the geographical areas of influence for each of the locations to be characterized.  



More on this topic

Retail Sales: Physical or Electronic Channel?

February 2020

While some companies in the sector focus their efforts on one or the other channel, others, such as some department store chains, seek a balance between the two marketing modalities.

Companies dedicated to retail sales are facing a context in which consumers are less and less willing to spend their time mobilizing to make a purchase, but managers of chain stores have chosen to integrate physical sales with electronic sales.

Traditional Channel: Business Figures

May 2019

In Costa Rica, 2,220 grocery stores are reported to operate in different parts of the country, generating about $820 million in revenue, and 80% of their customers are located within a 1.5 kilometer radius.

Nacion.com reports that according to a study of the Fundes organization, in 2018 in Costa Rica there were 2,224 traditional grocery stores, and that most of the stores operate up to 14 hours a day and 80% of their customers live within a 1.5 kilometer radius of their location.

Costa Rica: 60% Prefer to Pay in Cash

September 2012

Six out of ten consumers prefer to shop for goods and services using cash, not credit cards.

For credit card payments, the percentage of consumers who use it increases the higher the income bracket, whereas overall 28% pay by card, in the case of higher-income consumers the percentage increases to 42%.

BNCR Acquires 13,000 Payment Terminals

August 2010

Costa Rica's Banco Nacional has ordered more than 13,000 point of sale (POS) fixed and mobile terminals from Hypercom Corporation.

According to Hypercom, the multimillion dollar transaction will be rolled out over four years with countertop and mobile plastic card payment terminals supplied by one of the company's authorized distributors, Evertec Latin America.

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