A Beginner's Guide to Accepting Card Payments and Reaping Its Benefits
Today, with the whole world eventually going digital, this is the perfect time for your business to evolve its payment mechanism, irrespective of its scale and size. Allowing your customers to pay by card is an easy way to improve customer experience and increase revenues. And the benefits that come with it can really boost your business. But, before we get into the benefits, let's us first understand what card reader machines and card payment machine for small business actually are.
Card Reader Machine
In simple terms, a card reader machine is basically a device that can read or decode the information contained in an individual’s debit or credit card’s magnetic strip or microchip. These machines essentially make it possible for individuals to make easy and hassle-free transactions using debit and credit cards.
A debit or credit card contains the card holder’s personal information (account number, card holder’s name, card expiration date, etc.) in either a magnetic strip or a microchip, or sometimes both. The card reader machine reads this information and transmits it to a payment gateway. The system then verifies the availability of sufficient funds to complete the transaction and the sale is then completed.
Card Payment Machine
There are various types of card payment machines such as countertop card machines, portable Bluetooth terminals, mobile card machines, etc. These card payment machines have an individual specification which can be viewed on the product pages. They also provide you with all the necessary information on each individual card machine. These devices basically interface with payment cards to make electronic funds transfer.
The card payment machines are connected to a payment provider network through landline or internet connection. While making payments, the network authorises the card if it sees fit. After this authorisation, funds can be transferred to the merchant accounts. A card payment machine for small business can boost sales and make sure that all payments from customers are received directly.
Pros and cons of card reader machine and card payment machine for small business
A card payment machine for small business offers some unmet advantages. It opens the door to a more flexible and convenient way of handling payments without having to deal with physical cash and the errors that may come with it. Following are a few benefits that card payment machines bring to a small (or large) business.
A faster and safer way of making payments: Payments through these machines take way lesser time than through physical cash. There are also negligible chances of errors being committed. It is also much safer and more convenient for your customers as they don't need to carry physical cash every time they visit a store.
Saves time: This method of accepting and making payments saves a lot of time and energy that is usually wasted when one handles physical cash. As everything is digitalised, the processes are quicker and convenient for both the customers and the merchants.
Expands a business’ reach: When a business (small or large) offers different payment methods, it can tap into different markets and thus increase its sales and profits.
Flexibility: Since online payments can be done anywhere and anytime, it increases flexibility by offering purchases beyond a business’ working hours.
Despite the above benefits and more, there are some potential drawbacks that we must consider. Some of them are as follows:
Additional charges: To make payments electronically, a business must provide for the additional charges that are associated with the payment terminals and transaction processing services.
Fraudulent transactions: However efficient these methods of payments are, one cannot rule out the possibility of a fraudulent transaction taking place. In such a case, it is often the merchant who loses out.
Security issues: The personal and financial information of a cardholder can be easily compromised if the payment taking process is not backed by impeccable security features.
There are ways to overcome these cons and use this technique to the maximum advantage of a business. Moreover, it’s safe to say that card reader machine and card payment machine for small business is the future.
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