5 Benefits of Having Credit Card Processing App for your Businessby Andrew Milstead Credit card processing app
In the world of today, credit cards have become quite common. There are many people who prefer carrying virtual cash of hard cash. This, in a nutshell, is why many businesses, small to large, are increasingly learning to accept credit cards and other forms of money as a means of payment, especially brick and mortar stores. Whether you’re a retail store or you’re offering a service such as dry-cleaning, for instance, there are just about a dozen reasons you should accept credit cards.
Credit card payments of transactions are processed in through what is known as a credit card reader or a point of sale system. Once a customer pays for their purchases through this machine, the amount they pay is credited to your merchant account and the transaction is recorded. This makes a credit card reader a utility that you don’t want to miss in your business. But what are the main benefits of having a credit card reader or several for your business?
Here are 5 ways a credit card reader will benefit your business:
1. You Can Serve a Wider Consumer Base
As mentioned above, more and more people are using credit cards for their purchases today. While a good number of those who have them only use them when they have to, there’s a huge portion of credit card owners who prefer not to carry cash around. This is mostly because in credit cards the money is more secure than its cash form. As a matter of fact, some find it luxurious to make cashless purchases. Especially after the liability shift that took place a few years back, statistics have actually shown a huge increase in the number of circulating EMV cards and chip cards. This is not to forget that the average American has at least 3.1 credit cards and at least 67 percent of the US population owns one as per 2019 statistics. What this simply means is that it is highly likely to lose a huge number of customers if you don’t accept credit cards, which makes the credit card reader a huge asset in your business.
2. Better Transaction Security
In the past, debit, prepaid, and credit cards were much more vulnerable to card fraud. This is mainly because the cards produced at that time were the magnetic stripe cards that required you to just swipe when doing a transaction. When cards were upgraded to EMV chip, however, card transactions became highly secure. Nonetheless, there are businesses that still keep the tradition swiping machines, especially since some of today’s cards come with both the magnetic stripe and the chip.
Having the current credit card chip reader is one of the best ways to ensure secure credit card transactions. This can also attract more customers for you, especially those who are aware that chip reader transactions are more secure and that they protect customer data with top of the end encryption. The best card readers come with a system that uses cryptographic processing, which allows stronger card authentication and validation of payment legitimacy. In simpler terms, the whole process is highly encrypted and keeps hackers and thieves who would try to commit fraud at bay.
3. Your Business Can Save More Money in The Long Run
In October 2015, something that most retailers didn’t take pleasantly happened. This is the liability shift, which transferred the liability of issues involving card fraud to businesses. In the end, the affected businesses ended up suffering thousands if not millions of dollars in losses related to credit card abuse. However, you will find that most such cases affected businesses and merchants who had not completed the chip upgrade yet. This can only suggest one thing – that if you’re still using the traditional credit card processing route, it’s high time you moved to chip credit card readers and you could save a lot of money in the long run despite the seemingly high initial costs.
4. It Adds Reputation to The Business
Nothing elates a credit card shopper than knowing that their private information is secure and that their money is safe. With the improved transaction security discussed above, alongside the evident flexibility, having a credit card reader or several for your business can hugely benefit your reputation. Especially if you’re a small and growing business, it gives the feeling to your customers that you’re an established company they can trust and rely on.
5. Ease of Record keeping
Without proper record keeping and bookkeeping, businesses are bound to fail within their first few years if not months. The good thing about using credit card readers is that the transactions are recorded in such a way that they can always be tracked and retrieved whenever needed. Since you will have a merchant account, you will also get regular online reports and statements of your transactions, which will also make it easier to manage your books. In case an error occurred, it can always be pinpointed and corrected.
It can’t be overstated, that we’re in an age where virtual and plastic currencies are here to stay. the writing is on the wall, that credit card readers will benefit your business in more than just a few ways. With the above in mind, you have no reason to remain with the old ways of accepting payment.
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Created on Nov 18th 2019 00:32. Viewed 290 times.