Why does your business need a card reader?

As businesses change, so do consumer habits. This means that the consumer in 2017 is very different from the consumer of, say, 1997. There is a commonly used expression that in life, change is the only constant. Preferences have changed, economic circumstances have changed and technology is more advanced.

Speaking of technology, there are new ways of accepting payments apart from cash. More and more people prefer to carry credit and debit cards rather than liquid cash. And it’s up to businesses to make the necessary adjustments. Having a card reader is one of the changes that you have to make in order to survive in the current business climate.

Here are some of the benefits that you will profit from by having a card reader in your business:

1)More customers

Customers love convenience. Having a card reader means that your business is not limiting customers to just one method of payment. As long as customers can feel that you are satisfying their needs they will keep coming. That is why your card reader needs to be able to accept as many cards as possible.

2)Flexibility

With a card reader, your customers will still be able to clear their payments even when they realise that they did not carry enough cash. With a card, they will just clear the bill and not have to leave some items behind. At the same time, a card reader offers your business more flexibility in the sense that you can take payments while you are on the move or even over the phone.

3)Payments clear quicker

Having a card reader will definitely give you the benefit of seeing your card payments reach your bank account sooner than it would if you were accepting cheques. This means improved cash flows and ease of business planning.

4)Added credibility

Having a card reader is one of the ways you can give your business a more professional outlook. Many of the more established enterprises accept card payments and having a card reader to accept those payments will give you a higher degree of credibility. More customers will feel like they can trust your business.

5)Fewer bad cheques

Accepting cheques has its fair share of risks. It is not uncommon to get a call from the bank to be informed that the cheque you presented could not clear. This can be avoided by having a card reader where your customers will be able to pay using their debit and credit cards. This way, a swipe of the card will be as good as a legitimate payment.

6)Easy setup

A card reader is not very complicated to set up. It’s a very easy process to get it up and working. This means that as long as you have your paperwork in order, you can apply for your card reader and have it in your business within a few days.

Note

When looking for a card reader, you may also want to ensure that it is EMV compliant. Card readers that meet this requirement have more enhanced security features than those that don’t. You don’t want to find yourself liable for someone’s money lost through fraudulent transactions.