10 benefits of having a card machine for your business
The number of card payments are continuing to increase year on year, with more than half of payments in the UK made with cards.
So if your business doesn’t have a card machine, you’re missing out.
Now that 98% of the UK population has a debit card, and 68% have credit cards, it’s more important than ever to catch up with consumer spending trends and cater to card payments.
Top 10 benefits of card readers for businesses
If you’re still not sure whether getting a card machine for your business will actually be worth it, take a look at 10 of the top benefits of card readers.
1) Enhanced security
Card readers are equipped with the latest security technologies to protect payment information. They’re designed to encrypt transactions and authenticate payments, making it much easier to prevent fraud.
2) Faster payments
Nobody wants to stand in a queue for ages while people fumble with cash. Card readers make things quick and simple, so you can streamline payments and serve more customers even during peak times.
3) Increased profits
Offering different payment options means you can serve more people, catering to the growing number of people who don’t carry cash. Customers are more likely to spend up to five times more when paying by card than by cash.
4) Reduce risks of fraud
More card payments means less time spent counting change and checking for counterfeit cash, reducing the risk of human error and the amount of cash deposit operations. Having less cash on the premises also reduces the risk of theft.
5) Better customer experience
Card readers keep up with fast-paced modern life and increase customer satisfaction.
They reduce the hassle of paying for shopping and prevent customers from being caught short if they don’t have the right amount of cash with them.
6) Improved reputation
Visibly offering a variety of the latest payment methods makes your business seem legitimate, increasing customer trust. People are more likely to want to shop with you knowing that you offer secure and credible payment services.
7) Easier record-keeping
Having a merchant account for your card readers means that it’s easy to track recorded transactions and use regular online statements to manage the books. You can retrieve and examine transactions at any time if there are ever any issues.
8) Business strategy insight
Tracking card reader sales also offers useful information about your customers’ spending habits. You can use this data to manage stock control for your most profitable items and adequate staffing for peak sales times.
9) Competitive edge
Businesses need to be up to date if they want to stand a chance against their competition. Having card readers evens up the playing field and could give you an edge over businesses who aren’t using these technologies yet.
10) Flexible solutions
Card processing fees can put smaller businesses off, but there are plenty of affordable card machine options to suit any business set-up and budget requirements. The benefits of installing and running card readers outweigh the comparatively small costs.
There are lots of myths about contactless card readers that might make you wary of investing in this payment option, but the facts don’t lie.
Card readers are good for business, and they’re what shoppers want. If you haven’t already, then it’s time to catch up to the crowd and get card machines for your company.