Cash is no longer the primary means when it comes to payments. Cash is sharing the spotlight together with credit cards. Paying customers are using their credit cards in every purchase they make. Whether it’s buying a cup of coffee or shopping online, they now have the option to use credit cards to pay for their purchases.
In today’s world, businesses won’t be able to stay competitive if they don’t start accepting credit card payments. Being able to accept card payments can do a lot, not just for your business but for your customers as well.
To give your business an absolute edge against your competition, you need to have the right type and number of card reader for accepting payment from your customers. It would be counterproductive to only have one card reader in your busy retail store as customers will have to fall in line and wait until it’s their turn to pay.
To learn more about how card readers can help your business stay competitive, let’s take a look at the benefits of using it to accept payment.
1. Card Readers Are Convenient
What makes card readers really beneficial when accepting payment is that enables faster and more convenient transactions. You no longer have to worry about providing change for your customers, which makes the whole payment process faster.
With a card reader, you’ll be able to serve all customers that come in, whether they’re using cash or credit card. You’ll be able to serve your customers that are using major credit or debit cards, such as American Express, Visa, Maestro, and MasterCard.
2. Saves Your Business From Fraudulent Money
Card readers also eliminate the risk of receiving fraudulent bank notes from customers. You no longer have to spend some time examining a banknote whether it’s counterfeit or not while your customers are waiting in line. Credit card payments go straight directly into your merchant account, which means that the payment you received in your account is completely legal.
3. Provides Security
With a card reader, you no longer have to worry about having too much cash in your cash register, which means it’ll help save your business from robbers and frauds. Card readers use a variety of security measures that can keep hackers and other online criminals away. Card readers can also cut down your trips to the bank to deposit your cash.
4. Increases Your Business’ Reputation and Build Customer Trust
You can’t overstate the importance of card readers when it comes to building customer trust and increasing your business’ reputation. Your customers will most likely be elated when they know that you are already accepting credit card payments. This is because they know that their credit card information and their money will be safe and secure now that you’re using card readers for accepting payments.
Now that all payment transactions will be safe and secure thanks to card readers, it will eventually benefit your business’ reputation especially if you’re just a startup. It gives your customers a sense of your security where they can trust and rely on you.
5. Track and Record All Payment Transactions
Card readers allow for easy tracking and recordkeeping of all your sales. The best thing about using card readers when accepting payment is that all transactions are recorded in a way that you’ll be able to track and examine any of those transactions whenever needed. You can even do it on a daily basis. Tracking sales helps you identify the busiest times of the week so you can prepare your staff and stock up on supplies accordingly.
Since card readers are directly connected to your merchant account, you’ll also get regular account statements and reports, which makes it even easier for you to manage your books.
It’s hard for your business to stay competitive if you don’t start using card readers when accepting payments. The majority of paying customers are already using credit cards and they expect that all businesses are accepting this mode of payment.
Card readers are not a big expense even for a startup. They can even help your business in the long run. Don’t wait too long to acknowledge the benefits of using card readers when accepting payment, because if you do, you may lose a lot of potential customers.