If you’re running a business, you’ll know that time management and cost control are two of the most important aspects of ensuring that it runs successfully. Although costly, one of the best ways of saving time and improving your profitability is through investing in technology; particularly merchant services and card readers. But, why should you do this and how can these devices aid your business? In this post, we take a look.
What are Merchant Services?
Merchant services are a broad term and it’s used to describe various ways of payment processing. Essentially, although complicated, merchant services allow businesses of a variety of sizes to take card payments.
This can either involve a card terminal in a face to face environment, transactions over the phone or through a website that captures the information and processes the funds.
Why are Card Payments so Important to Businesses?
As technology progresses, the ability to process card payments has become more and more important. Nowadays, customers expect to have the ability to pay by card, with very few carrying cash around. As a result, card payments have become critical to a business’s success. Without card machines, customers are leaving without purchasing, costing a business money. The ability to pay by card generally means that:
- Average customer spend increases
- Increases the chance of impulse purchases.
At present, three quarters of customer transactions are made by cards, so your business is behind if it doesn’t currently allow for card transactions through merchant services.
Particularly in a world where new technologies such as Apple Pay and contactless payments are becoming the norm rather than the exception, merchant payment services are a business essential.
What Benefits can Merchant Services Provide?
So, other than increasing a customer’s spend levels, what other benefits are there to allowing customers to pay by card?
Installing merchant services is incredibly simple in any business, just make sure you liaise with the experts to ensure you’re getting something that’s right for you. Plus, the cost implications don’t particularly have to be high, too. Just get the level that’s right for you and you’ll be able to keep your overheads under control.
The benefits that merchant services can provide your business are practically unmeasurable, improving the customer experience, increasing client revenue, increasing the number of transactions your business can handle and helping staff. It really does seem a no brainer to have merchant services in your business.