For any business, whether big or small, what matters is customer service. And ensuring different payment options is a step in the right direction. Indeed, customers prefer a quick and efficient method of payment. Small businesses especially need to consider alternative forms of payment to keep up with evolving business trends.
There are many types of card machines available, including portable machines, integrated credit card machines, and smart terminals. Credit, debit cards, contactless payment and other forms of payment are common these days. So introducing a new card machine or setting up a wireless POS terminal makes sense.
But how is all that work (and expense) going to benefit your small business? Let’s have a look at some of the advantages card machines offer.
Top Benefits for Your Small Business of Owning a Card Machine
Still wondering if getting a card machine is actually worth it? Take a look at how your small business can gain from it.
Enhanced Security: Card machines come with the latest security technologies to protect payment information. Their improved design authenticates payments and encrypts transactions, which not only makes it easier for customers to pay but makes it harder to commit fraud.
Faster Payments: No one likes long lineups, especially for payments. They hurt sales, which never bodes well for small businesses. Seventy per cent of retailers report that consumers will wait no more than five minutes before abandoning their purchase and leaving the store. The best way to tackle this issue is by introducing faster payment methods like card machines and wireless POS terminals.
It is important to understand how to choose the right card machine for small businesses. Make sure to do plenty of research before making your choice.
Offers Flexibility: As a small business owner, you may not have a fixed address from which to conduct your business. In this case, wireless POS terminals, portable card machines, and other smart payment options offer you flexibility.
For instance, if you are a beautician, you won’t have to rely on your customer to carry cash all the time. Card payments or other wireless transactions are way better than accepting cheques and invoices.
Reduced Risk of Fraud: More card payments mean handling less cash. This reduces the chances of counting mistakes or encountering counterfeit bills and ensures better management of your resources. Not only does it eliminate human error, but it also reduces the chances of fraud and theft.
Modern card machines come with secure EMV chip card technology and other features like NFC and legacy magnetic strip which is ideal for accepting digital wallets.
Increased Revenue: Small business owners extend their client base by offering different payment options. This also enables them to do business remotely, meaning more customers. When a business accepts digital payments, it makes it easier for customers to opt for your service.
Offering a variety of payment methods helps to improve your reputation and increases the legitimacy of the business. Customers are more likely to trust a business that offers secure and credible payment services.
Improved Customer Experience: Small businesses especially need to pay attention to the customer experience, because when customers are happy with their shopping, they will opt for those services again. Creating a loyal customer base is difficult but essential for small businesses.
Here is where adopting a wireless POS system and card machines helps to retain customers and attain their satisfaction. It reduces the hassle of carrying cash and makes it convenient for customers to avail themselves of your services.
Business Insight: Understanding how customers view your business is an important insight that does not come easily. Or does it? Tracking card reader sales can help you gain useful information regarding their spending habits.
For instance, if you are a bakery owner and 7 out of 10 customers order blueberry cheesecake, knowing this can help you manage your stock accordingly. That way, you will be aware of your most profitable items and can arrange for adequate staffing during peak sales periods.
Better Record Keeping: Maintaining records can be challenging and is prone to mistakes. However, keeping track of records is an important part of any business and doesn’t have room for errors. A merchant account for your card readers makes it easy to track recorded transactions, and keeping online statements helps your bookkeeping.
This data is always available, offering you the convenience of retrieving and examining the transactions whenever there is an issue.
Competitive Edge: Keeping up with emerging business trends is both challenging and necessary. This enables you to have a competitive edge over your competition.
Card machines and wireless POS terminals are important for modern businesses to thrive. If you are a small business owner, then this is something you should consider. Opting for a smart payment solution not only helps drive revenue but makes managing business a lot easier than traditional methods. With the time you save, you can focus on building your business. Don’t know how to start? Get in touch with a payment solutions company that can help you select the best tool for your business.