What are the advantages of credit card payment machines?

Introducing credit card payment machines will bring your business up to date. More and more sales are made using credit or debit cards and the amount of customers paying by cash or cheque is rapidly diminishing.

Advantages of using business credit card payment machines

There are a huge number of benefits to using credit card payment machines, for employees as well as customers;

  • Customers are increasingly more likely to buy on credit or debit card rather than cash, so they need to be catered for no matter how small the transaction.
  • Customers are aware of the better consumer rights offered with card payments.
  • Customers do not need to carry large amounts of cash with them or have to leave your store to get cash from an ATM, which is likely to drive away business.
  • Being able to pay for goods or services on credit card payment machines adds credibility to a business and demonstrates to customers that your business is deemed suitable by the banks to trade with.
  • It is proven that customers will purchase from a competitor if they accept card payments.
  • Wireless and mobile devices allow employees to physically go to customers to collect payment. This speeds up transactions and adds security as the customer never loses site of their card.
  • Payments can be taken inside or outside and wireless machines have a long working range.
  • Payment can be made very quickly, reducing till point queues.
  • The system is secure and much less open to fraud than other forms of payment.
  • Employees can offer the highest levels of customer service and complete sales.
  • Prevents staff from handling and counting large amounts of cash.

Are there any disadvantages to using credit card payment machines?

As with all business decisions, it is important to weigh up the pros and cons to decide whether a product or service is cost effective and right for your needs. Credit card payment machines do incur costs as they allow your business to accept card payments, this is paid by setting up a merchant account with a bank. A charge is made by the bank each time a card transaction is made. Accepting card payment also ties your business to the rules of the credit card companies, which often means that if a dispute should arise regarding charges, you do not have final say on the outcome.

However, these are very small drawbacks to what is a very efficient and commonplace payment system and good bank rates are readily available. The overall benefits of using credit card payment machines far out way any problems and will help your business grow.

It is important to ensure all of your credit card payment machines are in warranty, bought from reputable suppliers and are compliant with Payment Card Industry standards and the Federal Trade Commission. It is also essential to ensure all staff are well trained to use the machines and transactions are carefully monitored to ensure policy is being adhered to.

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