How to Accept Credit Cards for Your Retail Business
Surveys have shown that over half of small businesses in the United States don't accept credit cards, either because of the associated expenses, or because they haven't found a system that works for them. Still, accepting debit and credit cards is becoming less optional today as consumers increasingly trade in their cash for cards. In fact, a survey by the ACCC revealed that 80 percent of consumers use their debit card to pay for everyday purchases, and 80 percent of consumer spending in the U.S. is cashless. Fortunately, merchants have many payment processing solution options available today that offer more card payment and acceptance options than ever before. Here is a look at some of them.
Traditional POS Systems
A point of sale (POS) system refers to the hardware and software used to manage sales transactions. A POS system that is integrated with a payments processing service offers many additional beneficial features that help streamline operations, consolidate data, and offer better functionality and access to support. An integrated payment solution enables merchants to synthesize various systems such as customer relationship management and accounting software, with payment processing. Automated processes helps reduce common human errors that can lead to additional costs associated with processing ards.
Mobile POS Systems
Mobile POS systems enable payments acceptance using a smartphone or a tablet. Because they’re convenient, affordable, and scalable, mobile POS systems are especially appealing to smaller businesses that may not have the budget for a traditional POS system. With a mobile POS system, merchants can make sales away from the checkout counter and access additional features at a much lower cost than a traditional POS. Mobile POS systems are helping smaller merchants level the playing field with their larger big box retailers by competing with enhanced customer convenience.
Digital wallets refer to smartphone apps that store consumers’ payment and loyalty card information and are used to facilitate mobile payments. Google Wallet and Apple Passbook are the two most widely known digital wallets and allow your customers to pay at the point-of-sale by bringing their phones in proximity of a Near Field Communications (NFC) enabled POS terminal. Extending the consumer experience to a mobile device by supporting mobile payments gives you another way to interact with your customers.
What’s the Right Solution for Your Business?
As you are deciding what type of system you should use to accept card payments at your business, you should keep in mind certain considerations. What is your budget? How do you typically take payments- in person, over the phone, online? How much time do you have to implement the solution? What type of maintenance is required for the solution? An experienced payment processing provider can work with you to find the right card payment acceptance solution based on your answers to these questions.