Getting The Right Credit Card Reader For Your Small Business

credit card reader

Making it as easy for your customers to pay you is good for business. The simpler you make the transaction for them the more likely it is that they will buy from you again.

In 2017, 74% of transactions were carried out using debit or credit cards. Today, that figure is certainly higher. Hygiene concerns surrounding CoVid have caused consumers to increasingly turn away from using cash. So, if you have not yet acquired a credit card reader for your small business it is well worth your while to consider doing so. Here are some things you need to bear in mind.

Compatibility

You need the card reader you invest in to be compatible with the equipment that you already own. Most manufacturers offer a wide range of models, so it is not hard to find one that is suitable for you. But if you are at all unsure it is wise to ask. The best firms respond quickly to any questions potential clients ask. 

Support and customer service

Should you ask a question and not get a timely response, it is usually best not to use that firm. The last thing you need is to have a customer standing there waiting to pay only to find that you do not get any response from the card reader firm. In that situation, it is all too easy to lose a sale.

Extra features you may need

There are several types of readers available. Some just read the chip on the card. Others will also read the magnetic strip. This feature costs a little more, but you can at least use that if the customer has damaged the chip on their card. 

It is also worth considering whether you need a card scanner that can read bar codes and QR codes. If you are a plumber who is planning on selling water filters to your clients as a sideline, for example, this feature might come in handy. It certainly would if you were selling craft items on a market stall. This article explains how small business owners can go about creating bar code labels for their products. Something that makes it far easier for you to see which lines sell the fastest so you can focus your efforts on the most profitable items.

Fees and cashflow

If you want to start accepting debit and credit card payments you need to understand how long you will have to wait for the money to arrive in your account. There may be a fee involved too, depending on what type of payment is made and how.

Making paying easy also helps cashflow

Providing customers with the ability to pay with their cards brings several benefits. Most consumers are happier paying that way. It can also be good for cash flow, especially if you are a service provider. For example, a plumber could potentially finish the job and ask the customer to pay the bill immediately instead of handing the customer an invoice and waiting for it to be paid. Being paid straight away improves cash flow. It brings in cash to pay for the materials for the next job.

So, if you currently do not have a credit card reader for your business, now is the time to get one. You can use our suggestions to help you to track down the right one.