Small companies may take credit card payments using a smartphone app by utilizing an online merchant gateway like New Payment Innovation, by setting up a POS system with a merchant account, or by deploying a mobile card reader. Small companies may benefit from learning how to take credit card payments by increasing sales, improving cash flow, and providing a better customer experience. However, according to recent research, 55 percent of small companies do not accept credit card payments.
Choose a Method to Accept Card Payments
First, figure out how you’ll let your customers pay with a credit card. You may take credit card payments in one of three ways:
- Online credit card payments
- In-person credit card payments (credit card machines)
- Mobile credit card payments
Accept Card Payments Over the Internet
You’ll need to join up for an online payment gateway like New Payment Innovation to take credit card payments online. These services take care of your clients’ online payments and charging a charge for each credit card transaction your company accepts. You probably already have access to online credit card payment solutions if you utilize a cloud-based accounting solution with app connections.
Why Accept Card Payments Over the Internet
With more and more small businesses adopting cashless payment methods, the question of whether or not your business should stick to traditional payment methods is losing its value. Thanks to the pandemic and changes in consumer behaviour, online transactions exceed cash payments in value. According to reports, the year 2020 alone has witnessed as many as 780 billion online transactions from millions of businesses worldwide. The number is expected to further increase up to 13% in the coming years.
The trends suggest that traditional payment methods may harm small businesses as cash usage decreases. To survive, businesses must adapt to both face-to-face and online transactions. This offers flexibility, security, and increased sales. Here are the key benefits of using NPI card machines for online payments:
Establish Your Business’ Legitimacy
Accepting credit cards is no more a show-off. Instead, it is a sign of legitimacy that helps your customer invest their confidence in you before their take out their card from their wallets. When a customer enters your store and looks at the logos of several cards displayed on the counter, it instantly grabs their attention. The more card bands your business accepts, the easier your customers will attach their blind trust with your business. It all starts with purchasing a card machine from NPI.
Quick and Easy Payment Processing
When you provide your customers with extra payment alternatives, the decision to buy your product/service becomes way easier. Your NPI card machines don’t just enhance your customer’s buying experience but also increase your sales by simplifying and optimizing payment processes. For all your target customers who don’t like to carry a lot of cash with them, allowing them to do card payments will make them come to you again and again.
Impulsive purchasing describes the customers’ behaviour of buying more than they opted for. No customer wishes to search for an ATM near their buying spot. Adding flexibility in payment methods allows customers to buy extra goods without worrying about cash in hand. All the major brands that sell their product online do the same by accepting all prevailing modes of payments and providing freedom of choice in terms of payment options to their customers.
Add to Business Security
If there is something in common between small and large businesses, it would be security. Though, with the increase in cash flow in a business, companies hire security arrangements to cope with the unprecedented and unfortunate events. Having a cashless business can always keep you out of the vulnerability zone. What is better than having peace of mind that all your business transactions are secure and are running seamlessly?
The best a card machine does for your small business is that it cut down the processing time for the customer and the operator and makes the transactions quicker and easier. Since the customers don’t require to stand in the line at their ATMs to withdraw cash to buy your product/services, card machines and contactless payment terminals make all the time they spend at your business completely worth it.
Accept Credit Card Payments in Person
A point-of-sale (POS) system is required to take credit card payments in-store using card payment machines. To handle credit card payments in person, a POS system consists of hardware (card swipe machine) and software. Customers may use the credit card machines to enter or swipe their credit or debit card, and the transaction will be authorized or refused instantly. If a transaction is accepted, the monies will be received by your merchant account and sent to your company bank account within a few days.
Accept Credit Card Payments from Mobile Devices
A mobile card swipe machine is required to take mobile credit card payments. A mobile card swipe machine is a small gadget that connects to your smartphone and works in conjunction with a credit card app to take credit card payments everywhere there is an internet connection.
Why You Should Accept Card Payments
Accepting credit card payments gives your customers more freedom and convenience while also benefiting your business. The following are some of the advantages of taking credit card payments for small businesses:
Accepting credit card payments is a feature that might help you attract new customers and increase revenue. Fast credit card payments can enhance sales for a firm that sells things since customers prefer to spend more when they pay with a card.
Enhances the Customer Experience
Offering various payment options, such as card machines, enhances customer satisfaction and boosts loyalty. Credit cards are a popular choice for quick and easy online payments, reducing the need for check processing.
Enhances Cash Flow
Unlike checks, which can take anywhere from five to ten days to clear via your bank, credit card payments are handled swiftly. Within a day or two, credit card payments are processed and the funds show in your company bank account.
Most credit card processors make it easy to take credit card payments with only a few clicks, saving you time. You won’t have to spend as much time asking payment for invoices or going to the bank to deposit cheques.
Increases Payment Security
Accepting credit card payments can reduce the amount of cash on hand at your business, lowering the risk of theft or loss. Although taking credit cards carries security concerns, fraudulent transactions may often be recovered with the help of a merchant service provider.
New Payment Innovation’s Approach to Merchant Services
NPI’s commitment to innovation and customer-centricity means we’re not just another payment provider – we’re the best merchant service provider in Ireland. Whether you’re a business looking for diverse payment methods, integration with your existing systems, or real-time insights, we’ve got you covered. Here’s how we do merchant services:
Face to Face
Over the Phone
Contact NPI Today
Explore the NPI difference by getting in touch with our expert team. We’re here to provide guidance, valuable insights, and tailored solutions that align with your unique needs and goals. Reach out to us at 014475299, fill out the contact form and one of our payment gurus will get back to you.
Want to see our card machines for yourself? Come down to our Citywest HQ and have a look around the Experience Suite.