Credit card machines – costs vs. benefits
There was a time when owning a retail shop was the safest and simplest job in the world. Ordinary people would set up small stores in their neighbourhoods, selling foods, supplies or crafts items and creating a stable customer base from people that they actually knew. Then large commercial chains appeared and they quickly started to dominate the market, creating difficult challenges for small merchants and indirectly lowering their profit. Nowadays, opening a small retail shop is not the easy job it was once. Competitors raise the bar, which makes customers be more demanding and expect higher standards. To lead your small business to success, you’ll need to keep up with the times and make investments that weren’t urgent a few years ago. Implementing credit card payment processing systems is one of these requirements. No store owner can say that they are now aware of their existence or that they wouldn’t like using them. However, when asked about the reasons why they don’t contact a provider to install a credit card machine, financial worries come first. People are afraid of high installation fees and maintenance costs and would rather stick to a cash only policy rather than make a change. But how expensive are credit card machines really?
First of all, they do entail a processing fee, but financial costs are not as high as you might think, because this field has become very competitive in the past years and providers are trying to come up with attractive offers for potential clients. From this point of view, now is the best time to invest. For example, Chip and Pin Card Payments helps customers save up to 40% by eliminating monthly administration fees and customer refund charges. This means that, in as little as a couple of months, your credit card machines will start to pay for itself. If you already have an older terminal and want to update to something state of the art, then you are also in luck, because providers go to great lengths to beat their competitor’s offers.
So what do you have to win in the long run? To put it briefly, accepting debit or credit cards is one of the signs of a legit and reliable business. Anyone can sell fruit on the street, but not everyone can accept VISA without being verified first. If you’re a business owner, don’t worry, because it doesn’t take more than 48 hours to have your application looked at. One major benefit that singlehandedly takes on processing fees is the fact that offering more than one payment methods encourages shoppers to buy more. What is even better, it also encourages impulse buys, which means that those who enter your store could end up purchasing more items than they initially intended, despite the fact that they don’t have cash. Needless to say, queuing time is reduced dramatically and this positive customer experience generates higher returning rates. Last, but not least, if you plan on taking your business online at one point in the future, you should know that having a credit card payment system is a requirement.