If you take payments, a card reader might be the best option for processing. Karen Fabrizi fills us in on what you need to know…
We all need paying by our customers and the way they pay has changed.
There’s been a 71% decline in cash taken from ATM’s, and with banks and post offices closing, it’s harder for us to carry cash. Some people don’t even carry cards – they use their watch or phone. Technology is changing so quickly! Businesses have to keep up, and a card machine has become the essential tool for businesses of every size.
So, they’re essential, but what are the benefits to your business if they use a card machine and do you know your responsibilities?
Here are five things to consider when using a card machine.
1. Increase your revenue
Taking card payments gives you the opportunity to upsell. People don’t think of cards as being money, they can’t see the value being spent, so they’ll spend more. Even if they were going to pay by cash, they would only spend what is in their pocket.
2. Increase your cashflow
Don’t spend your valuable time chasing money. There’s no need to give 30-60 days to pay their invoice, how many times do you have to chase because your customer has forgotten. Take the payment straight away over the phone by using a Virtual Terminal or a card terminal.
3. Pay attention to your statements
If you already take cards, do you know how to read your statement? Do you know what fees you are paying? Do you have hidden charges?
I can take a look, no obligation to see what you are being charged for.
4. Data breach is serious business
Are you Payment Card Industry compliant? If you’re not, you might be receiving regular fines. PCI compliance is a minimum standard for data security. It’s taken very seriously in the card industry and protects your customers. If you need to know more, I can help.
5. Know your health obligations
Covid may have brought cleanliness to the forefront of our minds, but it’s always essential to make sure your terminal is kept clean to prevent any nasty germs spreading. Don’t use a wet cloth, instead keep your equipment sterile by wiping over with a bacterial wipe after every use.
It can be overwhelming with all of the information on the internet, and it’s not bespoke to your business. If you’d like to talk more about card readers I’m happy to help with free advice and cost analysis.