Your business needs to be using a card machine to take payment. Without this you are limiting customers in the ways they can do business with you. Card machines for small businesses really do make excellent business sense and will help your business to grow.
What are the different types of card machine?
All card machines function in the same basic way. The merchant swipes or keys in credit or debit card information which is sent to the service provider. Once payment is authorised, the money is taken from the account and a receipt can be issued. The main types of card machines for small businesses are;
- Dial up. This is a reliable card machine that works with a standard phone line.
- IP terminal. This works in the same way as a dial up terminal, but over an internet connection, which makes it faster. This can either be fixed or work over a wireless internet connection, meaning it can be taken to the customer.
- Some transactions can be processed by a computer terminal with specialist hardware.
- Credit card reader apps on mobile phones.
What features should card machines for small businesses have?
A card machine must be able to process a transaction and do this quickly, however there are some other features to look out for when purchasing card machines for small businesses. They should;
- Accept all types of credit and debit cards, including international ones, so as not to limit potential sales.
- Be able to process tips.
- Use the chip and pin payment system.
- Be fast with a good connection to the bank, ensuring transactions are fast and queues kept to a minimum.
What are the costs associated with card machines for small businesses?
Every transaction carried out on card machines for small businesses will incur a transaction fee. By working out how much this fee will be, you can adapt price points to ensure profit margins are maintained. The amount charged for the transaction fee is determined by the merchant service provider and the card issuer. These are dependent on a number of things, such as the type of card being used by the customer and the credit rating of your business. Therefore, when choosing the right system for your needs, it pays to carefully work out your projections and costs.
What are the advantages for your business?
The advantages to taking card payment, either face to face, over the phone or on the internet, are extensive. Offering flexibility to customers and business partners is the most obvious benefit, allowing goods and services to be paid for immediately and in the most convenient way. Card machines for small businesses also give you the option of making sales away from a regular retail point, allowing you to expand where and how you market and sell products. In addition, customers paying on card are proven to spend more and make greater investment purchases, as well as return with their businesses and recommend your services.No tags for this post.