The business landscape changes all the time and what once existed only in the corporate world can be utilised by small businesses up and down the country. This is thanks to technology becoming smaller and cheaper but still retaining quality. A good example of this is chip and PIN technology. Thanks to the advent of new players in the market you can offer easy payments to your customers and clients anywhere you can connect online.
Utilising Chip and Pin
Chip and Pin card readers have opened a new world of payment options for small business. As such an investment in the technology makes sense. The better plans just involve a one-off outlay for the equipment and then you are charged a transaction fee. This is normally a charge per transaction under 2%. This makes a chip and pin solutions affordable. It can also be installed in minutes.
When a client or customer is ready to buy they simply pay using their card and entering their pin number.
How Chip and Pin Machines Work
A chip and pin machine works by connecting online via wi-fi or a mobile network. When you take a payment your customer or client bank is told to transfer the transaction amount to your bank. If you are using a mobile chip and pin reader, the connectivity is either built into the machine or it connects using Bluetooth to your phone. Regardless of how you connect online the information is encrypted at every stage of the transaction process.
Meeting Customer Expectations
Increasingly, your customer and clients expect you to be able to take card payments. This is becoming increasingly true whether you are at a trade show or serving behind the counter. More and more people want to be able to pay using plastic than fiddling with cash.
Costs of a Chip and Pin Card Readers
The cost of chip and pin readers have been driven down as new players such as SumUp have entered the market. After the equipment has been purchased you are charged every time you make a transaction. Costs here are low, normally under 2%. This allows you to compete with corporate big hitters and provide the same payment options even though you are a small business.
Mobile Chip and Pin Machines
A key development in technology is the fact you can take payments off premises. If you need to take a payment in a customer and client’s home or on the road you can. Mobile readers connect directly to a mobile network or via your phone. This not only gives you an easy way to take payments but you give better customer service to your customers and clients.
Many restaurants use a base unit which connects online. To the base unit, several card readers connect. This allows you to take the payment from where your customer is sitting. This is perfect for restaurants where waiters can take payments from anywhere in the restaurant. Other businesses can utilise this as well where taking payments from a specific area is good for business.
Retail Outlets and Card Readers
Retailers obviously benefit from having a card reader. This enables you to take payments from every type of card and you do not have to keep as much cash on the premises. As mentioned many customers and clients expect you to be able to take payments by both cash and card, so having a card reader makes sense.
It is better for you and better for your customers.
Chip and Pin Solutions
With the cost and availability of card readers being considerably favorable now would be a good time to get a card reader for your business. This solution makes you appear more professional and keeps you more competitive.
Both direct and corporate competitors have no doubt utilised this solution and are using it to provide the best customer service. Having this facility builds trust with your business and as such is essential just on that front.
Increase your Revenue
There can’t be many things more frustrating than having a paying customer or client and not being able to take the payment. This is also quite embarrassing where chip and pin card readers are popping up in every store you can think of.
As such, not having a card reader could cost your business dearly and damage your brand image. Having a card reader will increase your revenue as your customers and clients will be able to pay you.
Final Thoughts on Chip and Pin
In this day and age, you need a chip and pin machine. They are affordable, portable, and there is a range of options to suit your business. You can get up and running quickly and offer much better customer service.
It is time to get a card reader and compete for both with direct competitors and corporate giants.