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11/11/2009 -
In an attempt to find creative ways to reward employees when resources are tight, some Canadian small businesses are now using their business credit cards for more than just payment processing transactions - they are also passing on the rewards to their employees.The Globe and Mail reports that the increasing popularity of rewards credit cards has actually been a benefit for small businesses as the rewards benefits - such as gift certificates and cash-back checks - can be used as performance incentives or even holiday bonuses to employees.
This trend is corroborated by the fact that rewards redemptions for American Express small business credit cards have increased recently, the newspaper reported.
"We interpret that to mean small business is indeed using rewards more to benefit staff," Howard Grosfield, vice president and general manager of small business services at American Express Canada, told the Globe and Mail.
This is good news for businesses that offer credit card processing, as this trend will now be an incentive for small business owners to use their rewards credit cards as frequently as possible.
A recent report from CNNMoney.com came to a similar conclusion, noting that North American small businesses are using credit cards to finance their operations more than ever, largely as a result of the credit crunch.
