10 Reasons Small Businesses Should Use Credit Card Processing Services
Card payments are gaining more and more notoriety these days. Although there are still offline businesses that stick to cash only, the truth is that more and more people are choosing convenience and prefer to pay by card, so they avoid such places.
When it comes to e-commerce, it’s not just about cash. You will have to pay by card somehow – insert your own card or use an online payment platform, also linked to your card.
Now, if you’re still not convinced, here’s why you need to research the best online payment processor for small business.
A card processing service will facilitate your interaction with customers. There are ten customers in front of you, and each of them is paying cash – count the money, count the change, it takes time. Card readers make everything super simple, especially since most people rely on contactless technology these days.
Card payments reduce fraud. Indeed, you can charge someone using someone else’s card, but it’s not your fault. You don’t have to worry about play money anymore, so human error is out of the discussion. Less cash will also minimize the risk of theft, not to mention potential break-ins.
Cash, crypto-currencies, cards, online payment platforms… The more options you offer, the better your reputation will be. People want to be able to pay comfortably, so offering card payments will also increase trust. No one wants to end up being sent to the nearest ATM.
Card payments will give you access to more detailed statistics and statements. You’ll know exactly what kind of things your customers like, when they’re most likely to shop, quiet times, spending habits, and more. You can also manage stock and inventory more efficiently.
Lots of options
Many small businesses avoid card machines because they hate the thought of paying all sorts of cash processing fees. However, there are many options out there and different offers, so try to find something that suits your needs with low fees.
Card readers provide additional security. A few taps or codes will transfer money to your account with added protection. Risks of theft are incredibly low, as all transactions are encrypted and well authenticated. This way you can prevent fraud for both your business and your customers – everyone will appreciate the initiative.
You’ve probably been there before – you walk into a store or fast food place and see a sign saying you pay cash only. You just can’t be bothered trying to find the nearest ATM. Instead you will go next door as they also offer card payments – more convenient.
The same rule also applies to your business. Offering more payment options gives you access to more customers – and especially those who don’t like carrying cash. You might as well advertise it and attract some of your competitors’ customers as well.
Good customer experience
Although polite and friendly, most customers don’t like the interaction. They want to get in, spend as little time as possible in the queue, pay and get out. As simple as that. Therefore, accepting card payments can help you meet their needs more efficiently.
Card payments are fast and pleasant. Plus, you can avoid nasty situations, like a customer being taken aback if they don’t have enough cash on them. It’s not only more convenient, but also faster and easier for everyone.
Your accountant will thank you for using a card reader – plus, they may charge you less for the service. After all, it’s one thing to have everything organized in charts and tables and another to bring a folder full of papers.
Do your own accounting? No problem. Imagine the hours you have to spend with paperwork, which could be saved if you had everything ready – a few clicks and there you go. What more could you ask for?
Beat the competition
Finally, you must maintain a competitive advantage against your competitors. Many people avoid businesses that only deal in cash. A card reader will help you win back those customers, but also gain an edge over nearby competition.
Bottom line, card processing services work wonders in today’s fast-paced environment. People love the convenience of hitting the card machine with their cards or phones and off you go.
The days of cash are long gone, despite the few traders here and there who still retain this ancient technique.
Whether you want to be on top of the competition, win new customers, or simply provide a complete experience, a card reading machine is essential these days.
This article does not necessarily reflect the views of the editors or management of EconoTimes