Most of us have dealt with credit cards from the “customer” standpoint. Here are a few quick tips about the benefits of credit cards from a small business standpoint:
- Go Portable: A portable credit card reader will help increase the speed with which transactions are conducted. If you run a store, this has the benefits of allowing you and your staff to complete sales more quickly. Even if you run a different kind of small business, such as a studio, for instance, a portable reader will also be more convenient. Portable credit card readers can be anything from the wireless terminal that will synch to your main POS system or even cellphone credit card readers. Many businesses like food trucks rely heavily on portable credit card readers because their business is always moving. Your payment needs to be portable if your business is portable.
- Find a good Credit Card Processing Company: There are several companies out there that cater to small businesses. Consider the price of the reader- some companies offer the credit card reader free of charge- and the cost “per swipe”, before investing. You want to ensure that the company will keep all confidential information secure and that your funds are deposited in a way that is easy and convenient. Some credit card processing companies will charge you a percentage of a sale or just charge you a flat rate per swipe. Be sure you talk with your credit card processing company and see what option may be the best for your small business.
- Credit Card Limits are OK: Having a small spending limit for the use of a credit card can help you boost sales. Many people would rather buy something small, but extra, than go searching for an ATM. A limit of five to ten dollars is reasonable and can even help give your sales a slight boost. This is a new trend for many small businesses because there is a credit card processing fee. If a customer isn’t spending a lot then your store might lose money on a small credit card purchase.
- Don’t Stop at Readers: Consider adding other modes of payment, such as Paypal, Apple Pay, checks and Venmo to your business. Working with a processing company will also allow you to expand your business online. Instead of just selling at a storefront, you can add revenue through online sales.
The new readers will likely require a bit of an adjustment for you and your staff, but the extra business will be well worth the effort. Be sure to contact Merchant Account Solutions for more information about credit card readers for small businesses.