In modern countries, stores that accept credit cards are a given and, based on current payment trends, businesses that only take cash are expected to lose money in the future. The earliest version of cards dates back to the beginning of the 20th century, when Western Union issued so called “charge cards” to loyal customers. Later, American gas and oil companies started to hand cards that clients could then use to purchase gas. This concept was developed in 1958 by American Express and the United Kingdom first introduced the credit card in 1966, marketed as the Barclaycard. Other European countries were slower to pick up on the trend due to cash-oriented policies, but credit cards eventually gained momentum until they became the payment method of choice of people all over the world.
Types of card machines – which one is right for your business?
There are three main types of card machines, each created for different business requirements:
- Countertop card machines; these are payment terminals with a fixed location, usually on the countertop. They are recommended for supermarkets, retail shops or small boutiques where clients pay for their purchase in a fixed location.
- Portable card machines; unlike countertop machines, they do not force the merchant to accept payments in only one location. They are based on Bluetooth technology and can be utilised on a 100-meter radius. This option is suitable for restaurants, cafes, bars and other such hospitality businesses, where payment isn’t made at the countertop. Portable machines are equipped with heavy-duty batteries, so that they can withstand 24 hours of continuous usage. A special reader can be added to accept contactless payments.
- Mobile card machines; a state of the art innovation, these machines have GPRS & 3G coverage and can connect to multiple mobile networks, so merchants can take payments anywhere.
Benefits of accepting card payments
Accepting credit card payments is a wise course of action and, according to an informative guide made by Visa, business owners can enjoy many benefits by doing this. One of the most important ones is increased efficiency: transactions are completed in as little as 72 hours and the speed at checkout increases considerably. Excellent customer experience naturally leads to customer satisfaction and the store is more likely to get returning clients. It is also worth pointing out that customers tend to trust companies that accept card payments more, because they associate their name with big brands like Visa or MasterCard. Last, but not least, accepting credit cards means expanding target clientele. According to this data, a whopping 69% of customers aged 18-34 refuse to purchase products from stores that do not accept cards. Moreover, by 2017, cash payments are expected to drop at just 23%, while credit card payments to rise to 33%. Neither small nor large businesses can ignore these figures and should develop a long-term payment strategy based on market trends.
How to implement chip and pin card payments
Implementing card payment solutions is not difficult at all. Contact the Chip and Pin Card Payments team to get personalised assistance every step of the way and complete the process in the shortest time possible, so that you can welcome card owners almost instantly. Once you submit an application and create a merchant account, you will receive your card payment machine of choice (we will provide guidance if needed). No matter which option you decide on, the configuration process is simple and straightforward and your employees can start using it right away, without having to go through training.Return To Blog Listings