by Jake Anderson
When it comes to running a business, there are a certain number of necessities you need to get in order to be successful. And like with so many things in life, as time progresses, the number of necessities seems to increase. Running a successful business isn’t just a simple matter of stocking up on merchandise, finding a store location, getting a cash drawer, and then opening up to the public. You need to have more than just a regular cash drawer today if you have any desire to successfully make sales on a regular basis. You also need to have some means of accepting credit and debit card payments. If you don’t accept payments of either card type, your business will be missing out on 42 percent of all transactions, according to the Federal Reserve Bank of San Francisco.
Thankfully, updating your business to accept credit and debit card payments isn’t difficult, and in many cases, the card processing system you use can provide you and your business with a wide range of benefits.
Instant Payment Capture
It doesn’t matter whether you run a physical brick-and-mortar store, an online eCommerce retailer, or some sort of mobile business, accepting card payments and integrating a card processing system like Shopify is an excellent way to drastically increase the speed of any consumer transactions that use cards. MagStar Inc. emphasizes how a mobile card reader that automatically syncs up to your database and processing system can drastically reduce customer wait times, especially during peak hours and holiday shopping events.
Besides the increase to transaction speeds, accepting card payments is critical if you wish to maximize your businesses daily revenues. According to the U.S. Small Business Administration, thanks to the massive increase to customer convenience provided by cards, they are much more likely to make impulse purchases. So while getting your business hooked up with some form of credit card processing system, whether from a bank, an eCommerce service provider, or some other third party processing company, may cost you a bit up front and in additional small percentage fees for each transaction, it’ll work out to be worth more than what you paid by creating even more daily transactions for you.
Mobility is King
Convenience, mobility, and flexibility are becoming more and more valued in today’s business world. The conventional brick-and-mortar store is still doing well enough, but they are definitely hindered by the immovable nature of their location. Ecommerce retailers with mobile sites are continuously growing in size and popularity as time goes by. And regardless of whether you intend to create a digital storefront for your business or not, you need to take their lessons in mobility and convenience to heart.
Getting a mobile credit card reader and a processing system that the reader can automatically sync up to can help provide your business with multiple new opportunities for making money at events and other festivals you may never have thought about going to before. While getting your business into an event is a whole other story, the fact is, that with a mobile reader and a solid processing service, you can set up a booth anywhere and immediately start accepting payments for your products or services, no matter where you are. And if you’re worried about those transaction fees, don’t Construction Executive states that those fees are normally under three percent of the transaction value.
Graphs, Charts, Analyses, and More
While being able to instantly accept card payments from any location is definitely a huge benefit to your business, a solid card processing system can provide you with so much more. A good card processing system can give you access to a ton of different information about different aspects of your business. This sort of information isn’t just a digital record of all the card payments you’ve accepted (though that is available to you), it can be analytical data about what products are selling most, what times are customers coming in, which employees are being most successful in upselling merchandise, and more.
As Business News Daily discusses in their small business guide to accepting credit cards, a solid merchant account and processing system will provide you with a number of different management tools as well as giving you access to fraud protection and other security measures. Depending on the company you choose to go with for your processing system, you could take all the daily systems you use in running your business and integrate them with your processing system into a single, all-in-one service that you can check from a tablet or your laptop wherever you are. Some systems can also provide you with in-depth analyses of your business’s sales and operating costs while others may offer you even more enhanced security measures. The exact functions of each processing system are different, so you’ll need to spend some time looking into different ones to find the best one for your business.
“Awestruck by Star trek as a kid, Jake Anderson has been relentless in his pursuit for covering the big technological innovations which will shape the future. A self-proclaimed gadget freak, he loves getting his hands on every piece of gadget he can afford.”