Advantages Of A Small Business Accepting Card Payments .pdf
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Advantages Of A Small Business Accepting Card Payments
As technology is advancing with time and customers are showing interest to do transactions
through cards or online. They can also have advantages over cash payments. Fraud and theft
can be minimized.
What are the Advantages of a small business accepting card payments?
You may be considering accepting card payments. If you are already running a business or
currently putting together an extensive business plan and you are weighing up the benefits of
how card payments could help you?
The technology available to business means it’s possible to accept card payments either credit
card or debit card however and whenever you trade. There are four types of credit card machine
they are Mobile GPRS, Wi-Fi, Countertop and Portable.
There are advantages and disadvantages of each card terminal, for example a countertop
terminal is fixed to one location, so if your business operates an “on the go” model or you may
be a market trader it wouldn’t be beneficial. To maximize the sales opportunity you need to
choose the correct handset.
What types of payments, can a card machine accept?
There are two main types of payments a card machine can accept such as traditional Chip &
PIN method where a customer inserts card and enters pin number. It is most reliable and
popular and all credit cards machines should offer this.
The second type of payment is contactless payment. The popularity is growing for this type is
growing every year. It does not only support during peak periods but also deliver convenience to
customers who wish to pay for goods quickly. The limit of the contactless is currently set to £30.
This type of payment is often referred as “pay and wave”.
Easier for the customer
The advantage of a small business accepting card payments is the ease it provides a customer.
By accepting card payments it will reflect on your business image and enhance the service you
already offer. It helps to run your business smoothly. It can be integrated to epos system and
the transaction can automatically processed.
Safe for the Business
Accepting card payments means your business will invariably have less cash on its premises
and you are not putting yourself at risk, nor will it mean more time consuming trips to bank for
paying lump sums of cash.
Accept payments over the phone
A customer may wish to pay for an item over phone if you have a website. If you do not offer
this service you potentially risk of losing a customer and sale together.
Payment offering by debit or credit card encourages spontaneity. There are times customers are
restricted as to how much cash they have on them, by not having a card machine you are
potentially missing out customers investing in impulse purchases. Research shows customers
are inclined to spend more particularly in case of impulse purchases when they are paying with
debit and credit cards.
Cleared funds quickly
You are responsible for your own banking with cash and during peak periods it can be tough.
With card machine once a card payment is processed it normally takes a couple of days to have