The top 7 advantages of a card machine for your business
Tips / 18.06.2021
As a business owner who’s accepted mainly cash over the past few years, you will have noticed that more of your customers are paying with a card these days.
Numerous studies have been undertaken by some big financial players in the UK, indicating that over half of the payments are made with a card and that over 98% of consumers have a debit card while 68% have credit cards. These figures are quite staggering, to say the least.
If you’re still undecided about the advantages of card readers, then this post is for you!
Table of Contents
7 advantages of a card machine for your business
As we slowly make the inevitable transition to a cashless society, the role of card readers will increase in the space of payment acceptance.
But what are the benefits of card readers? There are several, which are discussed in more detail below.
Security and reduced risks of fraud
We’ve all heard stories of businesses getting robbed of their cash on-premises. What’s more, is the actual transportation of the daily earnings into a secure place.
With a credit card reader, these cash-related challenges are no longer a problem. This is because you link your card readers to a merchant account in which all incoming funds are transferred into.
You as the merchant can manage these funds through your very own business card linked to your merchant account. This eliminates risks related to handling cash or fraud-related cases.
Card readers also provide an element of speed at the checkout. This is because transactions are processed almost instantaneously. The communication that takes place between the cardholder’s card issuer and the merchant’s acquiring bank takes place in seconds, after which a transaction is either declined or approved.
This speed reduces queues and waiting times, improves the checkout process, and makes for a better customer journey.
Convenience and better customer experience
Another benefit of card machines is that they offer increased convenience to your customers, ultimately improving the customer experience and by offering them this, you are essentially inviting them to return to your business so that they can continue shopping with you.
By offering a popular payment method, you will no longer be turning customers away who can only pay by card.
Impulse purchases and higher profits
Having cash in one’s purse or wallet limits the number of purchases that can be made within a day. You can overcome this is a limitation for your business with a card reader.
By offering a card machine to accept card payments, your customers are more likely to make impulse purchases, as the cash they have on hand will no longer limit them. Impulse buys mean higher profits for you, which is what every business owner wants.
Better analytics and business insights
Many card readers on the market today offer a variety of reporting and analytic tools that help you not only keep track of inventory but also how many sales you made, the total value of the sales, the average value of all purchases, which items were the most popular and so much more.
This type of data is an excellent way of ensuring that you have enough stock on hand of the right products, and you’ll be better able to answer your customers’ demands.
In days gone by, when a customer handed you a banknote with a tear in it or some sort of stain on it, you were unlikely to accept it because you didn’t know its origins and whether the bank that you would ultimately submit this note to would accept it and whether you’ll be able to get your cash.
With card readers, this is no longer an issue as money – both yours and your customers’ – is held in secure accounts and is merely transferred from one account to the next. This is one way of reducing disputes that may arise.
Accept a wider range of payment methods
Finally, card readers enable you to accept a much wider range of payment methods than you think. First, there are contactless cards that your customer simply taps over your card machine.
Then there are the more outdated magstripe payments, Chip&PIN payments, and payments via mobile wallets such as Apple Pay and Google Pay.
While the advantages of card machines mentioned above are not an exhaustive list of benefits, they’re some of the most common ones you should know.
With the rise in card payments in the UK and elsewhere in Europe, it’s worthwhile knowing what the benefits of card readers are so that you can make the right choice for your business. From ease and convenience to improved sales and profits, investing in a card payment machine can be one of the best things you do for your business.
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