How Business Thrive With Card Readers Vs Cash

They say cash is king, but based on the number of people using credit cards around the world, plastic money has become the payment mode of choice by many. If your business doesn’t accept credit card payments, you may be losing potential clients and revenue. Whether you’re an established company or an entrepreneur just starting to grow a business, accepting credit cards for payments will do wonders for your business.

card payment

Some business owners dismiss the idea of accepting credit cards for payments due to the notorious credit card transaction processing fees. But with the right credit card payment processor and equipment, one can manage to accept credit card payments without making a big dent in overhead expenses.

How Businesses Benefit In Accepting Credit Card Payments

These are some of the main benefits businesses will enjoy in accepting credit card payments:

  • Increases trust and legitimacy – When customers walk by your store and see the credit card logo displayed in your window, it immediately instills trust in them. It’s the same for businesses operating their business online – customers automatically think that the company is legit and trustworthy. Accepting credit card transactions not only attracts customers, but they’re also likely to think that your business is legitimate and can be trusted.
  • Boosts sales and increases revenue – If your business is running a cash-only payment system, customers who prefer to use their credit cards to purchase will immediately leave and turn to other businesses who accept cashless transactions. By accepting credit card payments, you can significantly grow your customer base which leads to more sales and revenue.
  • Satisfy existing and potential customers – Customers are the lifeline of your business. Your business won’t exist without customers. Therefore, it would only make sense to make an effort to please your customers. By having different payment options available, especially credit card payments, you’ll make your customers happy and encourage potential clients to become loyal customers.

Card Readers Versus Cash

Now that you know the benefits of allowing customers to pay with their credit cards, you should start preparing the necessary equipment to process credit card payments. Credit card readers are essential for business and there are different types to choose from depending on the type of business that you have. Unlike cash payments, card readers for business let you provide the best shopping experience to customers. Having a card reader for business lets you instantly accept credit card payments and secure revenue. Aside from generating profit, a credit card reader helps in building your brand and make customers feel good with the service that you provide.

Looking for the best card reader is not that complicated. It all boils down to choosing a card reader that will help your business process credit card payments with ease. Every business has unique requirements that may differ from the needs of another company. A freelance artist, for example, who sells work at fairs will need a mobile card reader while a coffee shop business will require a card reader that can be easily used by customers who simply want to grab and go. Here are tips on how to choose the best one to make your business thrive and succeed.

  • Ease of Use – Even the most expensive card reader won’t be any good if it’s not easy to use. If you’re adamant on finding the best card reader for your business, take time to assess the needs of your business. You can easily find reviews of card readers online just like this Square Reader Review.
  • Compatibility – Most card readers nowadays can be connected to your accounting software for easier management and tracking of purchases or transactions.
  • EMV Chip Support – Credit cards and debit cards were recently upgraded to have EMV chips. These chips help to authenticate credit card transactions more securely. It’s best to choose a card reader that supports credit cards with magnetic strips and EMV chip-enabled credit cards.
  • Customer Support – Another important factor to consider when choosing a card reader is the availability of customer support. Some companies offer round-the-clock customer service while others are only reachable during regular business hours. If your business accepts transactions during weekends and late hours, you may have trouble getting support when you need it the most.

Conclusion

Once you get a hold of a card reader for your business operations, you’ll start enjoying the benefits that credit card payments bring. Although cash payments are simple and straightforward, credit card payments accepted through card readers benefits your business in more ways than one. Having the ability to accept credit card payments through card readers provides a great experience to customers, and this excellent experience is key to converting customers into loyal clients.

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.

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