How does a Chip & PIN machine work?
What does Chip & PIN mean? Chip and PIN is the name for the process of paying by credit or debit car
Each year, credit and debit cards consume more and more payments than the one before, all the while cash payments continue to dwindle. That’s a fact, and there are no signs of it slowing down either:
But, while many businesses are riding the wave - with some even becoming cash-free, there are still lots who’re lagging behind. If that’s you, here are seven benefits to taking the card payment plunge.
We’ve officially reached a point where tonnes of consumers don’t carry cash full stop, and that can be a real problem if it’s the only payment method you offer because you’re forced to either:
So, by introducing a card payment machine you’ll be able to accept more sales on the spot, make your customer’s life easier, and boost that all-important bottom line.
Did you know, people spend 12-18% more when using credit cards over cash? Because according to research by Dun & Bradstreet, they do. Did you also know, in 2017, almost 85% of consumers’ payments were spontaneous?
As well as accepting more sales you could make more from each transaction, and what’s not to like about that: more sales + higher value transactions = more profits.
Remember, card payment machines don’t just apply to in-store payments. With the right terminal, they can be used to seal sales over the phone, too.
That means you’re not limiting yourself to customers who live X, Y or Z miles away from your business, you can attract people from the north, south, east and west. Distance doesn’t have to get in the way.
On average, standard card payments take 26.7 seconds to process...while cash takes 33.7. Those seven seconds might not sound like much, but times it by the number of transactions you take a day, week, month and year and it soon starts to enter the hours. Hours that could be better spent elsewhere in your business.
If you wanted to take it one step further, contactless payments take even less time (12.5 seconds, to be precise) - and all our machines come with that function built-in as standard.
If you only accept cash payments you’re going to have an awful lot of notes and coins piling up in your till and, sadly, that can attract burglars. So, by welcoming card payments you’ll reduce the amount of cash you’ve got lying around, deter theft and benefit from greater peace of mind.
Added bonus: reducing the amount of cash on-site could cut your insurance premium too.
Cash comes with a couple of problems:
Any inconvenience is one too many - especially when you’ve got a million and one other tasks to get on with. The good news is card payments don’t come with any of that. You tap the amount into the machine and then the customer accepts the amount before they go ahead.
And it’s not just that, you’re protected from fraudsters too. With things like AVS and CVV checks the card payment process is super safe, you can find out more about the security measures here.
Let’s say you’re a convenience store. Neither you or the shop around the corner accept card payments; you’re on a level playing field. One day, you decide to make the move and invest in a card machine. You advertise it, people start to hear about it, and you have a USP over your competitor.
That kind of differentiator could be the difference between someone choosing you over the competition and by getting there first you win customers, and potentially loyal ones at that.
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