Cash is not always king. As our society steadily moves towards becoming more digitalized and reliant on technology, we are seeing less physical money exchange hands.
However, keeping up with the times is not the only reason to upgrade your small businesses payment system. Here are just some of the advantages accepting credit cards will have on your bottom line:
- Increase in overall sales
- Improve customer service
- Broaden your customer base
- Save time with fewer trips to the bank.
So if you are ready to take the plunge and provide more value to your customers, here are four of the best credit card processing solutions for small business owners.
1. Terminal Processing
A payment terminal, also known as a point of sale terminal, is a device that allows customers to make payments with their credit cards in store. It is a reliable and secure method of accepting credit and debit payments.
Advantages
The main benefit of credit card terminals for small business owners is its direct link to improved customer satisfaction. With a card machine payment option, you will be able to reduce wait times with faster checkout, give your customers a secure way to pay for their purchase and more options to pay that suit their needs such as contactless payments and digital wallets.
There are also a few vendors that give small business owners a free terminal processing system on sign up. This value add helps to reduce initial setup costs and is something to look into if your budget is tight.
2. Mobile Processing
Mobile credit card processing also referred to as mPOS (mobile point of sale) gives small businesses the ability to accept card payments with a phone or tablet instead of a terminal or point-of-sale (POS) system.
Advantages
The main benefits of choosing a mobile credit card processor are its versatility and the low-cost factor. For small business owners that attend local farmer’s markets or trade shows, this option lets you accept credit cards wherever you are. This capability can also benefit stationary business owners who can mobilize their sales team by adding more checkout lines without purchasing additional registers.
Mobile processing companies also tend to charge fewer fees than traditional credit card processors and take the guesswork out of tipping by providing preset percentages for customers during checkout.
3. POS Processing
POS credit card processing for small business owners is a reliable, affordable and flexible way to manage POS operations. It transforms an ordinary tablet into an all-in-one payment solution that can complement a range of add-on applications as well as cash drawers, scanners, printers and more.
Advantages
One of the key advantages of a POS processing system is the ability for small business owners to access their sales data no matter where they are. By using a cloud-based system, you can see real-time inventory levels and customer information as you go about your day.
A POS processing system also lets merchants take advantage of a cloud-based integration and offer services that are not possible with a traditional POS platforms. Besides allowing payments to be processed anywhere on the business premises, business owners can also use this system to set up check-splitting, loyalty programs and integration with external accounting platforms.
4. Online Processing
It is not enough to just have a brochure, these days you have to sell online to stay relevant, and that means accepting credit cards. An online processing system lets merchants accept online payments from buyers worldwide. It is a safe, reliable and seamless way to manage payment processing while you focus on making the best possible product or service.
Advantages
Online payment systems give your customers a convenient way to place an order with your business. Instead of having to drive to your storefront, an online POS lets them shop from the comfort of their own home. By offering this functionality on your website, you can easily increase sales by not giving your customer the chance to look at a competitor that does offer online sales or forgetting about visiting your store altogether.
Conclusion
Before you decide which of the four credit card processing solutions is the best decision for your small business, make sure you weigh up all the factors and consider which service vendor will be the best fit for not just you, but for your customers as well.
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