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Sometime back, we were talking about going digital. Right now, it is all about going cashless. Customers no longer want to risk carrying their cash everywhere they go. They prefer to keep it safe in an online system and use cards to pay for their transactions. As a business owner/manager, you need to invest in a card swiping machine to enhance your checkout experience. Failure to that, you risk losing sales. If you are planning to invest in one, there are several things you need to know. Read on to find out the Types of Card Swiping Systems!
– Types of Card Swiping Systems
The first thing you need to know is that there are three types of pos payment solutions. These are
1. Merchant Account PLUS Payment Gateways
Examples include eWay (the UK and Australia), Authorize.Net and SecureNet
A Merchant Account is a type of business bank account that supports card payments
An electronic payment gateway is a service that connects your store to your merchant account to facilitate card payments.
There are fees involved, but the exact amounts will vary depending on the system.
An electronic payment gateway is an ideal way to provide more personalized solutions to your customers.
2. All-in-One Systems: Types of Card Swiping Systems
All-in-one systems like PayPal are a combination of an account and a payment gateway into one complete system.
They allow you to accept all the popular types of cards (debit cards and credit cards)
Their pricing structure is easy to manage
They are faster and easier to set up
3. Simplified Credit Card Systems: Types of Card Swiping Systems
Systems like PayPal and stripe have eliminated most of the complications to ease the online payment process.
You do not need to set up a merchant account or an electronic payment gateway, which will help you minimize the fees.
They are easy to use; all you have to do is to enter the customer’s credit card, and that’s it! The payment is processed, and the transaction is complete.
Simplified payment systems are easy to use, so much so that you might not need support. But if you encounter a problem with your processing company, most of the support you get will come via emails and articles as a self-service. In fact, most of these providers do not even have a call center.
– Advantages of Having a Card Swiping Machine
There are so many reasons why you should invest in a card swiping machine. These include
- Increasing Your Sales
Card swipe payments are fast, easy, and convenient, which is what every customer needs. They help improve the shopping experience, driving more customers into your store and prevent the ones you already have from running. They also stimulate impulse buying to boost your sales.
- They are Pocket-friendly
When purchasing a card swiping machine, you can either pay for it in advance or rent it. Whatever choice you make, this is far more affordable than making cash payments.
- Improved Customer Service
Your customer is the boss; without them, you have no business being in business. That’s why maintaining good customer service is so important. Some of the things you need to look out for include
- Faster checkouts
- Equated Monthly Installment (EMI) services
- Analytics
- Loyalty solutions
- Targeted Marketing
Allowing card payments in your store will help make it easy for you to track your customers. It will also help you customize rewards for targeted marketing campaigns. These will help build customer loyalty and boost your sales.
- Improved Accounting and Security
For every card transaction you complete, transactions and returns get easy and more efficient accounting.
- They minimize fraud
- They eliminate the risk and the cost of handling and transporting cash
- They help save time, money, and energy
- They are accurate and so much more
- Questions You Need to Ask Before Buying a Card Swiping Machine
- What are the different charges for the different types of cards?
- What is the fee for swiping the cards, accepting them online, or entering them manually?
- How do you charge your gateway? Is it a separate fee?
- How do you handle your refunds? Do I get some of the money back?
- What are your terms and conditions for the contract? Are there any termination fees?
- What type of support do you offer?
- What is your monthly fee?
