In 2021, 1.4 billion transactions were made using debit and credit cards. This figure was up from 11.2 billion in 2020. Card payments have increased, partly due to encouragement from the government during COVID and increased ease of contactless payments. Card payments have cemented into business culture, and their popularity is only set to increase with technological advancements. This article will explore why having a card payment machine is vital to business and the factors to consider when incorporating a card payment machine into your business.
Why do I need a card payment machine?
There are many benefits to having a card machine:
-Save time and shorten queues. Card payments, particularly contactless payments, are quick and convenient for both customers and business owners—card transactions process in seconds, speeding up the time at checkouts. Taking time to count money and give out change is eradicated by card machines which in turn shortens queues. As a result, the customer’s checkout experience improves. This saves your customers time and means businesses can serve more customers in a shorter time frame. Additionally, it saves time for business owners as the need to go to the bank to deposit cash decreases.
-Make sure you give your customers options in this highly competitive market. In today’s society, customers are spoilt for the choice of where to spend their money. Customers may have multiple choices of locations to get a certain product. This means it could put customers off from shopping in a business that doesn’t take card payments and will take their money elsewhere. In the current cost-of-living crisis, every customer counts. By not having a card payment machine, businesses are not open to the demographic of customers that prefer to pay by card. Widening your payment options means widening your customer base and potential profit.
-Keep your business safe by taking card payments. By having less cash on the premises, businesses can lower the risk of thefts and consequent loss of profits. There was a misconception that card payments pose security risks and potentially fraudulent transactions. Card machine providers have combatted this with built-in software to detect fraudulent transactions.
How do I know which merchant services are right for my business?
As is the case for customers with multiple options of where to spend their money, the same can be said for businesses looking for merchant services. It is essential to select merchant services that have your business’s best interests at heart. That is why looking for merchant services that have competitive transaction rates and no set-up fees is important. At UTP, we put our customers at the forefront of what we create. Faster Processing was created to break the industry standard of waiting 3 – 5 days to have your card transactions in your account. Faster Processing is a free software accessible to all our customers and allows customers to get their funds in hours, not days. Additionally, we created UTP Shield to protect our customers from potentially fraudulent transactions and chargebacks. It is important to inquire whether merchant services provide security software as it is not the industry standard.
How do I know what card payment machine is right for my business?
What your business needs is the most important thing to consider when looking for a card machine. If your business has multiple staff working simultaneously, you may invest in multiple card payment machines to streamline the payment process. Knowing what type of machine your business needs is also crucial. The following options for card machines are available:
–Countertop card machine – This would be beneficial for businesses with a till or sales desk, for example, takeaways, convenience stores and reception desks.
–Portable card machine – with a range of 100 metres from the Bluetooth base unit or WiFi router, this card machine would be ideal for businesses such as restaurants. The machine allows you to move around with the machine rather than having a fixed till.
–Mobile card machine – designed to be easy to carry around, this machine would be suitable for businesses on the go like taxis, tradespeople, and mobile beauticians.
If you are unsure of what card payment machine would be best for your business, speak to a member of our sales team by calling 0330 99 99 300.