A Beginner's Guide to Accepting Card Payments and Reaping Its Benefits

Card Reader Machine

Today, with the whole world eventually going digital, this is the perfect time for your business to evolve its payment mechanism, irrespective of its scale and size. Allowing your customers to pay by card is an easy way to improve customer experience and increase revenues. And the benefits that come with it can really boost your business. But, before we get into the benefits, let's us first understand what card reader machines and card payment machine for small business actually are. 

Card Reader Machine

In simple terms, a card reader machine is basically a device that can read or decode the information contained in an individual’s debit or credit card’s magnetic strip or microchip. These machines essentially make it possible for individuals to make easy and hassle-free transactions using debit and credit cards. 

A debit or credit card contains the card holder’s personal information (account number, card holder’s name, card expiration date, etc.) in either a magnetic strip or a microchip, or sometimes both. The card reader machine reads this information and transmits it to a payment gateway. The system then verifies the availability of sufficient funds to complete the transaction and the sale is then completed. 

Card Payment Machine 

There are various types of card payment machines such as countertop card machines, portable Bluetooth terminals, mobile card machines, etc. These card payment machines have an individual specification which can be viewed on the product pages. They also provide you with all the necessary information on each individual card machine. These devices basically interface with payment cards to make electronic funds transfer. 

The card payment machines are connected to a payment provider network through landline or internet connection. While making payments, the network authorises the card if it sees fit. After this authorisation, funds can be transferred to the merchant accounts. A card payment machine for small business can boost sales and make sure that all payments from customers are received directly. 

Pros and cons of card reader machine and card payment machine for small business

A card payment machine for small business offers some unmet advantages. It opens the door to a more flexible and convenient way of handling payments without having to deal with physical cash and the errors that may come with it. Following are a few benefits that card payment machines bring to a small (or large) business. 

A faster and safer way of making payments: Payments through these machines take way lesser time than through physical cash. There are also negligible chances of errors being committed. It is also much safer and more convenient for your customers as they don't need to carry physical cash every time they visit a store.

Saves time: This method of accepting and making payments saves a lot of time and energy that is usually wasted when one handles physical cash. As everything is digitalised, the processes are quicker and convenient for both the customers and the merchants. 

Expands a business’ reach: When a business (small or large) offers different payment methods, it can tap into different markets and thus increase its sales and profits. 

Flexibility: Since online payments can be done anywhere and anytime, it increases flexibility by offering purchases beyond a business’ working hours.

Despite the above benefits and more, there are some potential drawbacks that we must consider. Some of them are as follows:

Additional charges: To make payments electronically, a business must provide for the additional charges that are associated with the payment terminals and transaction processing services. 

Fraudulent transactions: However efficient these methods of payments are, one cannot rule out the possibility of a fraudulent transaction taking place. In such a case, it is often the merchant who loses out. 

Security issues: The personal and financial information of a cardholder can be easily compromised if the payment taking process is not backed by impeccable security features.

There are ways to overcome these cons and use this technique to the maximum advantage of a business. Moreover, it’s safe to say that card reader machine and card payment machine for small business is the future.

Similar Articles

Earplugs

Are you planning to buy earplugs? if yes then you must know these 7 steps before buying/choosing the best earplugs.

Image By Daria Nepriakhina

If things remain in the limit then it is not harmful. In today's digital world, all businesses have made a lot of progress in online e-commerce and they have also been successful in attracting people towards themselves. In today's time, why online shopping has become the most preferred choice of people in the world?

How to Implement Your New POS System Without Any Problems

Restaurant POS systems can change how employees tackle everyday routines. They can not only work like a standard cash register, but they can maintain inventory, track purchasing trends, and even act as a clock-in system for your employees. 

M2 Drive

One of the most trending and exciting technologies currently available in computer storage today is the M.2 drives. There is no need for large space on your unit because M.2 drive does not require any wiring for data and power. In fact, M.2 almost does not take up too much space in your system unit.

quadcopter drone with video camera

Drones, also known as unmanned aircraft systems, are gaining huge popularity these days.  With the advent of technology, drones are becoming more and more functional. High-powered drones fitted with powerful cameras are on the rise today. 

Sensors: Making Our Life Easier

Maybe you are curious about how sensors work. How important it is in so many things. How helpful sensors can be in our life.

office

In the era of today when technology has been the best friend to people, Bluetooth wireless earbuds are the best and most comfortable option to use in daily life. 

Top Mistakes That Break Your Headphones

Sooner or later, your headphones are going to die. Afterall, we are talking about a delicate device that has lots of internal wires. These insider components will get jostled with the time and lose their productivity. Surely, you can postpone it but you can’t prevent it.

Smartwatch

If you’re in the market for something nice to wear on your wrist, your two main options are a smartwatch and a fitness tracker. The question is – which should you go for?