Why you need to embrace card payment processing systems to succeed in business
In the last decade, the payment processing systems space has grown and changed so much. Today, people have so many payment options available to them; it’s getting difficult to follow all the trends and industry best practices being unveiled every day. Although most businesses don’t have the ability to keep up with all the standards coming out, it’s important for them to identify what the clients expect and do what’s necessary. One such thing is Credit card payment processing systems which generally provide payment processing services for the store allowing the shop owner to get the money directly in their bank account rather than accepting more traditional forms such as cold cash that require the business to make a deposit at the bank every day. As such, they need devices such as credit card readers, and if it’s a mobile business, a handheld mobile credit card reader can do.
This provides both the customer and the shop owner a degree of flexibility that wasn’t there before. These days, most of these card processing systems have been integrated with various accounting software thus making it highly efficient in following up money and also accounting for the business’ profit and loss accounts. Although these card and card processors don’t do it for free, it’s just a small percentage that’s fair. Here are some of the benefits businesses stand to reap from by accepting more payment options from their clients.
When a customer visits your store, the owner doesn’t know what form of payment they want to use for the goods or services he is offering. As such, if the customer doesn’t have cash on them and you only accept this form of payment, you end up losing out. By receiving the various form of payments available such as credit and debit cards, you are able to improve how much money you make per day because you will not turn anyone away because of the way they prefer to pay for their goods. A lot of customers have gone on record saying that they prefer using either a debit or credit card while paying for products and services. Not only does this expand your client base, but it also goes a long way in establishing trust.
To succeed in business, you need to have proper accounting skills so that not a dollar is wasted. When businesses only use cash payments, the job gets a lot harder because there is no paper trail and as such making the process of accounts reconciliation to be that much complicated than it needs to be. Since many services that process payments today can be integrated into accounting software, reconciling your accounts becomes a breeze to do thus eliminating any run-ins with the IRS. By only accepting cash in your shop, you raise suspicion of tax evasion and omitting income which is indeed quite stressful.
According to statistics, people seem to spend about 20% more when they are paying using credit cards. The numbers clearly show that when you remove the cash from the mix, people actually do tend to use more money which is a plus for any business. Also, when you only provide for cash, people tend to spend a lot less because someone will think a lot about whether or not they need whatever they were buying. Additionally, accepting cards makes it a lot more comfortable on the customer because it’s easier than looking for a specific dollar bill to pay the shop owner. By accepting said payments, all the client has to do is hand over the card for swiping and that’s it.
One sure way of losing a client is by causing unnecessary friction at the point of sale. When clients buy their stuff, they expect to be served quickly and efficiently so that they can go on with their day. By using these payment processing engines, you enhance the speed at which you get served which leads to a happier, more content customer. If you insist on cash transactions, the process becomes a lot more complicated because most people will need to put the money together, the attendant has to count it and provide change where necessary. This whole process is tiring and time-consuming. If there is a queue in the store, don’t be surprised to see one or two people leave because they got tired of waiting. Cards only need to be swiped, and that’s it. In situations such as a restaurant, it’s crucial that the management have a mobile card reader so that the clients can be served right where they are instead of having to queue to pay for the food.
Risks are part of doing business. However, the sharp investor knows not to take unnecessary risk. If a business is booming, then the likelihood of having vast amounts of cash on hand is very likely. This attracts crooked employees and criminals to take the money from you. As such, the sensible thing is just to keep the number of cash transactions to a minimum. When people pay with these cards, the amounts are processed and then deposited into the owner’s bank account. As such, the bulk of the cash is handled digitally reducing the chances of theft or corruption. Integrating the card payment processing system is crucial in the overall development and growth of a business. Also, for those who use cards such as debit cards, it’s quite secure unless someone has your PIN and access to your cards.
The world has changed a great deal. People prefer paying for goods and services using cards rather than cash. If as a business you don’t accept these facts, you will quickly be overshadowed by your competition, and you grow weaker and perish. Proper integration of these systems is also crucial. Some of these systems allow a real-time feed into the financials of the business such that the shop owner can be able to monitor the progress remotely without having to go to the shop or call for an update.
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