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Small Business

How a credit card processing terminal actually benefits your business

August 8, 2014

Most business owners are fully aware of the fact that they can attract cardholders and diversify their clientele by simply accepting credit cards in their brick-and-mortar stores and on their websites. Shifting from a cash-only policy to accepting a greater variety of payment options is a big step in the right direction, leading to increased sales, a competitive advantage, reduced business expenses and enhanced customer loyalty.

In order to experience all these advantages, you have to count on a great credit card processing terminal. Naturally, there are numerous attractive options that you could take into consideration when it comes to implementing and using a terminal to process orders and grow your business. Nonetheless, before identifying the best candidates for this job, you should get more familiar with the general benefits of credit card terminals, listed below.

Terminals Are Very Easy to Implement and Operate. Business owners can’t afford to waste any time while dealing with complex machinery inside their stores. This is precisely why credit card terminals available with ecommerce solution providers like Shopify are a massive hit these days: they are easy to set up and operate. Terminals provide a straightforward credit card processing solution and offer a standard point of entry, which basically leaves no room for confusion.

At this point, you can actually accept payments in a much more convenient manner, without spending a fortune on hardware. According to Howstuffworks, “you don’t need an attachable swiper to accept credit card payments. […] many apps allow merchants to plug in the information manually. But swipers make for more efficient transactions.”

Terminals Ensure Safe Transactions. When it comes to completing any kind of transactions online and in physical locations, security concerns always represent an incredibly powerful impediment that should be factored in by both clients and merchants. Unlike taking payments from clients over the phone or hand-writing all your card orders, using a credit card terminal will reduce error or fraud risks a great deal. For more information on avoiding fraud, read our article about how to stay safe online.

Forbes reveals that business owners should upgrade to PCI-compliant payment devices to avoid fines and security breaches. Basic terminals capable of encrypting Personal Identification Number (PIN) codes and protecting other sensitive information are available for as little as $100 and might even be offered free by merchant account services trying to win your business. As credit card processing solutions become more and more complex, merchants no longer need to store credit card numbers. As a matter of fact, new trends like the so-called “tokenization” and end-to-end data encryption manage to address security concerns and help sellers guarantee a safer shopping experience for all their buyers.

Since the credit card data is cached internally in your terminal, it is kept out of the reach of potential villains driven by fraudulent goals. Moreover, companies that compel their staff members to swipe their clients’ cards through a credit card processing terminal are less likely to deal with data entry-related errors.

Once you manage to reduce the number of errors and security risks that could potentially impact your reputation and your profitability, you automatically start consolidating your retail business by attracting more clients and preventing costly mishaps.

Terminals Are Reliable. Regardless of their model and/or manufacturing company, you should know that all terminals have one thing in common: they have all been designed to last and rarely break down. Unlike PCs that serve many purposes and run dozens if not hundreds of different programs on a daily basis, terminals serve only one important purpose: they process your customers’ credit cards. For this reason, taking into account that terminals only have one basic function, you can rest assured knowing that your hardware element is not prone to malfunction.

According to Streetdirectory.com, “a credit card processing in simple words is money transaction via electronic access to a customer’s account. By swiping the credit card on through credit card machine, a customer gets to pay for his or her shopping directly from its account. This whole process makes credit card a necessity for customers and this is where a small business can benefit easily.”

Terminals Are a Great Investment. Buying or leasing a credit card terminal is always a good choice, taking into account that credit card acceptance is almost a general requirement at this point, while “cash only” policies are on the verge of extinction. Moreover, you should know that credit card processing terminals are a smart investment due to their elevated lifespan ranging from 5 to 10 years. Credit card terminals are designed to be operated in high-traffic areas and withstand harsh conditions. They are made from premium materials and some of them even display extra features (like splash-resistant keypad and shockproof exterior) to ensure a longer service life. As long as it is kept in excellent condition and safeguarded from exterior factors that may alter its looks and functionality, your credit card terminal can serve you for up to a decade, without requiring any servicing.

These are only a few general benefits associated with credit card processing terminals. However, you should know that there are various types of terminals, launched by different brands, which may support your business objectives. If you’re looking for a convenient solution for payments that users can rely upon. Clients who have already chosen a different payment gateway could always process their orders by buying and using an external card machine coming from a world class brand like Payment Express, TD Bank or Streamline.

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