5 ways to win more new customers with credit card readers
Choose the right credit card reader—and you’ll be well on your way to attracting new customers and growing your business. Here are 5 ways that credit card readers can help your business grow and thrive.
#1: Accept mobile payments
More and more shoppers expect to be able to pay using their smartphones or smart devices—like an Apple Watch—so you may want to consider choosing a credit card reader that also has this capability. Accepting mobile payments can help you to attract new customer types that are ready and willing to spend money at your business. According to a 2015 Accenture study, 23% of Millennials and 38% of higher-income households use contactless payments at least once a week. This number is only projected to grow in the coming months and years. Investing now in mobile payments acceptance can help you stay ahead of your competition and attract new customers. Terminals enabled with NFC (near field communication) technology will help you accept the most popular mobile wallets, including Android Pay, Apple Pay and Samsung Pay. If you're also upgrading for chip card acceptance (EMV) many of those same terminals are NFC ready.
#2: Accept EMV chip card payments
By now, merchants of all types and sizes are aware of the U.S. implementation of EMV chip cards—which began in 2015 and has been ramping up ever since. When you’re looking at new credit card readers, you absolutely need to select a model that accepts EMV chip card payments. If you don’t, you can put your business on the hook financially for some types of fraud that can be prevented with EMV technology. Make sure that whatever processor you select, they are committed to helping you stay up-to-date with EMV chip card acceptance.
#3: Use captured analytics to boost marketing
Today’s credit card readers, and/or the processing technology connected to them, capture a lot of data about your customers and you should be using that data to your business’s advantage. Build a customer database that includes demographic information, email addresses and mobile phone numbers. You can then feed this information to your marketing team, who can use it to inform their future campaigns and attract new customers. Knowing what types of customers are buying what types of products—and when—can help you grow your business in the future. To accomplish those customer and marketing goals, make sure that you know what types of reporting and customer intelligence can connect to your credit card readers.
#4: Integrate your loyalty program
You may not have considered setting up a loyalty program for your small business—but maybe you should. According to a study from Experian, 75% of U.S. companies that start a loyalty program see a return on their investment. That’s because loyalty programs help you attract new customers who see the value in shopping at your business, and also help you keep your current customers who feel appreciated. And feeling appreciated matters. In fact, a study from KiteWheel found that 25% of consumers are frustrated when a company fails to recognize them as a past or current customer (Source: The Business Journals). Integrate your loyalty program with your credit card reader or POS system to make sure your customers remain loyal to your company and brand.
#5: Set up a gift card program
Like a loyalty program, you may not have previously considered how a gift card program can benefit your small business. A gift card program, which might even included a loyalty program built in, can help you win more customers by exposing new shoppers to your brand when a loved one purchases them a gift card for a special occasion. What’s even better, the majority of shoppers armed with gift cards will spend more in your store than cash or card shoppers. According to the National Retail Federation, 61% of gift card holders spend more than the gift amount, and 75% of those spend 60% more than the value of the card. Choosing a credit card reader that allows you to implement and run a gift card program can help grow your business with a valuable new revenue stream.
Contact Vantiv today for more information about the solutions and card readers that are the best-fit for your business type.