Small businesses adapt to the changes made by the digital world. They used machines and other gadgets that are needed and important to the day-to-day transaction of their business. A business card machine is needed as many buyers now prefer to bring cards instead of cash.
Credit card machines are used to receive payments from customers who will be paying using a debit or credit card. They are usually connected to a phone line or the internet to send data to the processor and do the transaction. The exact price of the item that the customer but will also be the amount to be deducted from your card. Your fund is being transferred from your bank to the merchant account of the business.
Benefits of Getting Card Machines for Small Business
Increase Transaction Value
Most consumers nowadays spend more when they are using their debit or credit cards. In big cities, people only bring a minimal amount of cash, most of them have cards on their wallets.
By having card machines on your small business, at the end of the day your cashier will not physically count bulk cash because if most of the buyers on that day used cards to pay for their transaction, the total amount is already recorded in the computer system. It will also save time as the cashier will not count if there are cash changes to be given to customers.
Improve Customer Loyalty
Customers will keep in shopping at your store especially if your business provides cashless transactions and fast service during check out at the counter. Most customers value positive experience and efficiency. If they can pay just using their card or the contactless method of buying, most of them will return to that particular store.
Reduce the Risk From Robberies
If your store has much cash in your drawers or cabinets, this can be risky to robbers or thieves outside who are looking for chances to get this money from your store.
Difference of Credit and Debit Cards
Debit and credit cards are both cards that can be used as a mode of payment in a store or business. Most online transactions will accept debit or credit cards for payments but be careful to provide your card details as there are many scammers online. Some businesses accept debit card payments only while some accept the other one only. Debit cards are your money deposited in a bank for future use. These are pure assets under the Cash section because these are stored financial resources that are not being used. Instead of paying cash, you can use this card in paying for your orders. Credit cards are pure Liabilities and these are obligations that require a monthly minimum payment on or before the due date to avoid being charged for interest fees. Just pay the whole thing if you can afford to pay the whole amount than the minimum. More interest will be added if, for succeeding months, no payments are made from your end.
Common Types of Credit Card Machines
There are different types of credit card machines and each one has its distinct feature and benefits.
This machine relies on a wireless Wi-Fi connection, using a tablet or a phone to process credit or debit card payments. Mobile terminals can be transferred to other storage places from the checkout counter and these can even be taken out to some special outside events. Because of its portability, customers are served better. It also has sleek designs as these units are lighter and smaller than a countertop terminal. These are good for mobile businesses like those food businesses who offer products on a wheel-cart, or those businesses who will participate in an event. Businesses who do house calls like tow truck drivers and plumbers can also get an advantage from mobile credit card terminals.
This terminal ties to a POS system using card processing hardware. This kind of set-up allows card processing and POS system to work together. The benefits of using this terminal are faster checkout and easy to understand the status of the business. This system will reduce human error as the correct purchase amount is being processed automatically. When purchases or the products that you are selling are directly tied into your POS, it would be easy to analyze the total sales, make inventories, and analyze sales trends.
These are the most common type of credit card machines that require a wire connection to your internet network or phone line. This device is normally placed on a tabletop or countertop. These terminals can process both debit and credit cards and some terminals have keypads that require their PIN. One of the benefits of using this terminal is having a secured transaction. Since they are hardwired, these machines are not that vulnerable to data theft. These are best for an office where they check out customers or a company like a brick-and-mortar store.
Using this terminal allows your e-commerce business to process debit and credit cards by entering the right payment information in a secure website. The physical card of the customer is no longer needed to be present just to process this kind of transaction. The good thing here is there are no additional costs because this is a complete mobility wherein no credit card processing accessories or device is needed. Again, your card is optional, so you can operate your business virtually, and still, you will be able to process credit card transactions using this system.
Having a business card machine or credit card machine for small businesses will help business owners to have more customers. Using this machine has its pros and cons especially card information is very confidential. Making transaction using this card involves money, so please take extra precautions when you are using this card in a store. Don’t easily give card details to strangers online and when you are using your card as a mode of payment, make sure the store is reliable and notable in your place.