In the current competitive business environment, not having a credit card processing terminal is self-destructive. The lack of this processor in this era where plastic money has taken over most transactions makes a business lose a lot regarding sales and customer loyalty. However, it will interest you to know that having a processing terminal could also be a cause for problems in your business. Your much-trusted terminal could be losing you lots of money.
Luckily, terminals today can be programmed to do some tricks that can help a business make huge profits as well prevent the loss of money due to unnecessary fees.
So how can you do this?
Auto batch your terminal
Auto batching your credit card terminal can significantly help to cut the percentage fees taken by the processor. It is important to note that your card processor charges a fee for every card swipe recorded on your terminal. What’s worse is that if you fail to batch your transactions, then you also incur additional charges from the processor.
These extra levies can have a pretty significant impact on your original discount rate. It can go up by at least 2%. Fine, to some this might seem small, but when your account this in thousands of dollars over a large number of transactions then the margin is truthfully quite significant.
Lucky for you, this is a fixable problem. You just need to ensure that your card processing terminal is programmed to auto batch mode. Alternatively, you can direct your staff to batch out transactions at the end of every business day. Doing this can help reduce the amount of money lost to the processor.
Electronic Checks
As we all know, there are various forms of payments today. Unfortunately, some of these payment forms have quite complex processing terminal which makes businesses shy from accepting them. Good examples of these are checks and Google Wallet.
Well, while you might have genuine reasons for turning away customers, sometimes it is not the best decision to make for the business. Think about this for a minute, how long will you keep rejecting customers? Does this even improve your chances of gaining customer loyalty or customer retention?
You need to evaluate your payment options and try to outfit more options for customers. For instance, you can apply for a card processing terminal that can convert paper checks to electronic checks; technology has made this possible. Being smart is the only way to maintain a competitive edge in the industry.
Google Wallet
Talking about technology, it keeps surprising us. The latest advancement is the introduction of Google wallet; a form of payment where customers can pay for goods and services by simply tapping their phone on the payment processing terminal. The advantage of Google Wallet is that it is more secure, free and easy to use as well as processes payments faster compared to the other existing methods.
In light of this, you can be certain that everyone will want to utilize Google wallet to conduct business transactions. As a business aiming at success, therefore, you ought to brace yourself for this development by installing up to date processing terminals.
The bottom line is that a merchant credit card processing terminal is a must have for businesses that provide various payment options. If set up and used in the right manner, a processing terminal can help you reap big regarding revenue.
