The signs are all pointing to a cashless society. Surveys reveal the convenience of use credit and payment cards are becoming more popular every day.
If you think about it this makes sense. Your customers and clients don’t have to carry cash and providing you have the facilities to be able to carry out credit card processing this is win-win for both you and your customer and client.
As such being able to offer card processing solutions to your customer and client has become the expected norm.
Card Payment Processing and the Smaller Business
One key development that has been welcomed by entrepreneurs and small business is the rise of firms such as SumUp which offer highly affordable card payment solutions. A credit card payment terminal can be purchased for under £50. There are no fixed monthly costs and a fee per transaction of under 2% is charged.
This has revolutionised some small businesses. The transaction fee doesn’t eat into your profits and you hardly notice it. The low upfront cost makes this solution to taking card payments a highly affordable option. It also provides far reaching other benefits. Consider:
- Customer Service: Armed with an ability to process credit card payments you can now meet your customer and client expectations. Very important in today’s competitive world. You can build on this customer service to cement a good relationship with your customers and clients.
- Competitiveness: You can now compete with immediate and corporate competitors. This gives you a foot in the door and a chance to make a positive impact with your customers and clients.
- Suitable for customer/client facing business: You can now use payment processing on fixed premises or on the road.
- Contactless: Good card payment processing machines feature contactless payments by utilising Near Field Communication (NFC). Make it even easier to get paid for purchases under £30. Again, this is the expected norm and as such you have to offer it.
- Professionalism: Your business comes across as legitimate and professional if you can offer contactless card payment processing. You will haemorrhage customers and clients if you can only take cash payments.
- Branding: Building: A trusted brand is important. Offering secure card payment options is vital in building this trust.
Secure Payment Processing Transactions
It is important to note that transactions are secure with card payment machines. The information is encrypted at every stage of the payment process. Once the information takes the payment from your customer’s or client’s bank account, sophisticated IT security swings into action ensuring protection against hackers is in place.
How Credit Card Payment Works
Credit card payment machines connect online. This is either via a base unit, a wi-fi router, or via a mobile network. When you take payment this information is transmitted to the customer bank and then the transaction magic happens.
As the information travels through the air, across servers, down fibre optic lines, the information is encrypted at a high level. This makes hacking the information extremely difficult.
Mobile Options
Processing payments are now possible on the road. The card machines either connect to your phone via an app and your mobile network or the reader has the technology built in. Whether you’re in a burger van or taking payments in customer and client homes and businesses, you can take card payments.
This is hugely convenient for your customer and client. No faffing around with cash to pay you for your time and work. They can just flash the plastic and the magic happens. If you’re working in a business to business environment, this can close off invoices faster. No need for the agonising wait and, in some instances, the chasing for the invoice to be paid.
Other card processing options are ideal for restaurants and cafes. This works using a base unit connected online and several card payment machines are connected to it. This enables you to take a payment where the customer or client is sitting.
This can be used in any retail environment. As soon as your customer expresses a wish to buy you can flash the machine and the payment is made. No queuing and an easy transaction has followed.
Credit Card Processing Essentials
Credit card processing is something you have to offer to your customers and clients. Not being able to take cash is very bad your brand, image, and business. Anything that makes life more awkward for your customer and clients is bad for your business and you will lose trade.
This is why you have to offer all of the expected payment options. The onus is on you to provide it and not for your customers and clients to find the cash to pay you. Thankfully, as the costs of credit card machines are minimal as are the related transaction cost, you can offer the same customer service levels as your corporate competitors.
With this in mind go out there and see your revenue streams increase.
