The business world today is bustling and the competition is high. Now more than ever, it’s important to have the ability to accept credit and debit card transactions from customers. Many consumers have come to the realization that it is much more convenient and safe to carry plastic instead of checks or cash. Surveys show that nearly 90% percent of consumers prefer credit or debit to cash or checks. Studies have also shown that the more ways a merchant accepts credit and debit cards, the higher their revenue and profit margins will go.
Due to the increasing convenience associated with credit cards and its popularity as a form of payment for customers, almost every business has made the leap from the old-fashioned methods of payment like cash and checks, to the fabulous formula of having credit card terminals at checkout. This, of course, comes as no surprise to merchants that have already made the transition.
In recent developments, there has been a upsurge in the use of wireless card terminals. As technology progressed, and the capabilities of wireless credit card terminals was brought to the attention of merchants, the units were very pricey and weren’t getting very much attention.
Over the past few years, however, the price of wireless card terminals, machines and service fees have dropped tremendously. There has been an increase in the demand for the products and therefore manufacturers have been bringing more of them to market for sale. Although the initial cost for the terminals were high, studies proved that, even then, in the long run they were a very cost-effective way to process transactions and in turn they saved the merchants more money than they cost.
Today the costs have dropped dramatically, and any business with a mobile sales force needs to consider this maturing technology. Of course, wireless terminals also have a place in various retail locations, where there are sales being made in various, often changing locations, such as happens at building supply yards and warehouses. There are six primary reasons why your business would need a wireless credit card processing machine:
- Swiped transactions are far faster
The fact that keyed transactions are a lot slower than swiped transactions makes a huge difference in the customer’s satisfaction. Customers love a time saver, especially during the holiday season. For the “traveling salesman,” phone authorizations are a big time-waster. A wireless terminal will give the merchant an edge over the competition and increase revenue.
- Easy to use anywhere
Wireless credit card machines are easy to use. They involve swiping a card through the wireless terminal. A receipt is then printed for the real time transaction, which you can hand over to the customer. The entire transaction takes approximately 3-5 seconds; keyed transactions can take 1-2 minutes and you have to hand write receipts. Phone authorizations can take, at the fastest, at least five minutes. And they can be used if you are at the back of the warehouse with a customer, or 50 miles away on a sales call.
- Instant approval or declines
If a customer’s credit card happens to be declined, the merchant will have that information available in seconds. This can help eliminate the risk of a chargeback later on, and the real-time processing means the problem will not impact his travel schedule or appointments.
- Lower rate
The credit card associations offer merchants a lower discount rate when they swipe a credit card. Not only do you save time by swiping credit cards through a wireless credit card machine, you save money in processing fees as well, over any alternative method that you could use from the field. You will also save time having wireless terminals at your large brick-and-mortar store.
- Online reporting tools
If the merchant happens to forget if they charged the customer the correct amount for the sale, the wireless terminal offers an online reporting tool that allows them to check all posted transactions and the history of cards that have been processed recently.
- Mobile selling facilitated
For certain kinds of merchants, you would like to be proactive when you sell and not have to wait for the customer to head your way. In a competitive market, the more proactive you are, the more likely you are to make a sale. Wireless credit card machines allow you to be a proactive merchant, as they are made specifically for your mobile business, allowing you to carry them wherever you intend to sell your products. They are also perfectly suited to large retail locations where the points of sale are not fixed, but fluid.
Finally, wireless credit and debit card processing is one of the easiest and most convenient ways to accept payment from customers. “Wireless” is a worldwide phenomenon that almost everyone is aware of now. Combined with sales processing technology, it is a crucial tool that merchants have wisely chosen to use. So what are you waiting for? Whether you have a little or a lot of mobile business, you need to go wireless. These days it’s really the only way to go.