10 Reasons Small Businesses Should Use Credit Card Processing Services
Card payments are gaining more and more notoriety these days. While there are still offline businesses out there that stick to cash only, the truth is more and more people choose convenience and would rather pay by card, so they avoid such places.
When it comes to online commerce, there is no such thing as cash only. You will have to pay by card in one way or the other – put your own card in or use an online payment platform, which is also linked to your card.
Now, if you are still not convinced, here is why you need to look for the best online payment processing for small business.
A card processing service will ease your interaction with customers. There are ten customers in front of you, and each of them pays by cash – count money, count the change, it takes ages. Card readers make everything super simple, especially since most people rely on contactless technology these days.
Card payments reduce fraud. Indeed, you might charge someone using someone else's card, but that is not your fault. You no longer need to worry about fake cash, so human error is out of the discussion. Less cash will also keep the risks of theft to a minimum – not to mention potential burglaries.
Cash, cryptocurrencies, cards, online payment platforms… The more options you provide, the better your reputation will be. People want to be able to pay in a comfortable manner, so offering card payments will also increase trust. No one wants to end up being sent to the nearest cash machine.
Card payments will give you access to statistics and better-detailed statements. You will know exactly what kind of things your customers like, when they are more likely to shop, quiet times, spending habits, and so on. You can deal with stocks and inventories in a more efficient manner as well.
Lots of options
Many small businesses avoid card machines because they hate the idea of paying all sorts of cash processing fees. However, there are plenty of options in commerce and different deals, so you might as well try to find something suitable for your needs with low fees.
Card readers bring in extra security. A few taps or codes will transfer money to your account with extra protection. Theft risks are incredibly low, as all transactions are encrypted and well authenticated. This way, you can prevent fraud for both your business and customers – everyone will appreciate the initiative.
You have probably been there before – you walk into a shop or a fast-food shop, and you see a sign that says cash only. You just cannot be bothered trying to find the nearest ATM. Instead, you will go next door because they offer card payments as well – more convenient.
The same rule applies to your business as well. Offering more payment options gives you access to more customers – and especially those who dislike carrying cash. You might as well advertise it and draw some of your competition’s customers too.
Good customer experience
Despite being polite and friendly, most customers dislike the interaction. They want to get in, spend as little time as possible in the queue, pay and get out. Simple as that. Therefore, taking card payments can help you meet their needs in a more efficient manner.
Card payments are quick and enjoyable. Moreover, you can prevent unpleasant situations – such as a customer being caught short if they fail to have enough cash on them. It is not just more convenient but also faster and easier for everyone.
Your accountant will thank you for using a card-reading machine – plus, they may actually charge you less for the service. After all, it is one thing to have everything organized in statements and tables and a different thing to bring in a file full of papers.
Doing your own accounting? No problem. Imagine the hours you must spend with paperwork, which could be saved if you had everything ready – just a few clicks, and there is your statement. What else could you ask for?
Beating the competition
Finally, you must keep a competitive edge when it comes to your competition. Lots of people avoid businesses dealing with cash only. A card reader will help you get these customers back, but also grab an edge over the nearby competition.
Bottom line, card processing services work wonders in today’s fast-paced environment. People like the convenience of tapping the card machine with their cards or phones and go.
The days of cash only are long gone, despite the few merchants here and there who still hold onto this old technique.
Whether you want to be on top of the competition, gain new customers or just provide a complete experience, a card reading machine is a must these days.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes