Nowadays, credit and debit cards have become so common that people use them as naturally as cash and, sometimes, they feel safer using them instead of physical money. Considering their benefits, it’s not surprising that cards are turning into the payment option of choice among individuals and businesses. One might imagine that most businesses have stayed up to date with market trends and are able to process electronic payments, but statistics show that more than half of small retail stores and food establishments take credit cards. It seems contradictory, because professional payment machines are easy to find and setting up a merchant account us is simple and straightforward. If you are in this situation, then consider updating your payment policy and investing in a mobile, portable or countertop payment machine. In the long term, this approach can help your business grow, reach more clients and excel in the quality of customer service.
Cash payments are decreasing
Trends clearly show that customers are more and more tempted to pay with credit or debit cards rather than with cash. In fact, this trend is so pronounced that experts estimate that in the next five years only a quarter of payments will be executed with cash. By sticking to a cash-only policy, you are reducing your number of potential customers to a minimum. Installing a payment terminal does require an initial investment and you will have to pay a certain fee, but the long term benefits are too big to ignore. Customers prefer paying with cards because they are more practical and easier to carry. As a business owner, you should know that people are more likely to buy things on impulse with a card and also more likely to go over their budget.
Versatile credit card payment solutions
No matter the sector in which your business operates, you can find the right terminal for your needs. If you have a small shop, the countertop card machine is the safest choice. However, if you work in the hospitality industry and have a café or restaurant, it would be preferable that you invest in a portable machine. Mobile machines are the most modern option, allowing you to accept smartphone payments. If you want to be one step ahead of the competition, choose terminals that accept contactless payments. These allow you to accept money without swiping the credit card and, depending on the amount spent, the customer doesn’t have to input the PIN code either.