Remaining relevant for any business is predicated by the business ability to change, adapt and sometimes conform to new market trends. This is true for brick and mortar, as well as their online counterparts. Consumer buying behavior is bound to change with technology advances, so your business best be ready to make the shift and capitalize from it or lose traction when that change hits. Today most business owners have acknowledged that having the right POS card reader is one of the fundamentals tools for businesses to be able to transact more fluidly in a modern world.
This applies to physical retail shops as well as online stores; it also includes entrepreneurs whose enterprises take advantage of both avenue streams of a physical business store with mobile functionality that makes use of mobile credit card readers as well as an online storefront that might take advantage of virtual terminals for e-commerce accounts.
What is a credit card processing payment system
This can be a stationary or a mobile device that allows you to read and charge credit cards of various types. Depending on the POS terminal service provider you go for, the system you buy into may be able to charge only some types of credit cards such as magstripe and EMV or may be able to accept all credit cards including contactless ones. This payment processing systems utilize Point of Sale software and can also apply to online transactions for those with online stores.
Benefits of payment processing services
POS terminals with credit card reading abilities will allow your business with better efficiency. This includes:
- Lines move quickly due to better check out processes as staff can better tend to the needs of your customers because they are spending less time at the terminals
- Credit card processing payments systems in conjunction with POS software provide your business with direct reporting analytics such as inventory, tracking, and employee scheduling features.
It is these insights that help you as a business owner to implement necessary changes and make better-informed decisions that are data-driven and can have a positive impact on the bottom line.
Virtual terminals for e-commerce accounts can securely complete transactions from any location at any time, and what’s more, they are mobile friendly meaning they can accept payments from smartphones and tablets.
Two top credit card payment systems you should consider
Although the benefits of credit card processing systems are enormous to a business, it is also important to realize that they don’t come as a one fit all solution. Given that every enterprise has a different setup, and varying transaction volumes every month, you would have to choose a payment processing system that best suits and meets your business needs.
Below I have come up with two of some of the best options based on ease of use, security, cost, and POS features that you are worth considering.
PayPal Here is a credit card reading system that is easy to install and fairly easy to use. It is a solution best suited for those small business owners who need a credit card payment service and want to use a mobile app to access pay pal payments as well.
This card reading option is also cheaper to install as the only equipment you would need to buy is a physical card reading machine for payment processing. You certainly will not need to break your bank to acquire one of these processing machines as they are fairly affordable
This payment reader works through a Bluetooth app allowing you the benefit of choosing an iOS device or an Android device.
Pay Pal here offers two card reading options one that is a low cost which is the chip and swipe option or a more high-end alternative which is the chip and tap as well as a charging stand. But you will be happy to know that the app to receive payment on your smartphone is free, and there are no monthly transaction fees for Mobile sales.
However, if your business requires a virtual terminal, an extra monthly charge will apply. Processing fees for credit card payment are fixed and are easy to follow. Pay Pal Here will charge for credit card processing as well as Pay Pal payments, but at the very least it provides you flexibility for either option that works better for your customers as well as the choice to use both.
The only downside to this option is that Pay Pal Here tends to freeze your account with no apparent reason; also the blue tooth connection can be lost occasionally.
Shopify credit card payment system is arguably one of the best in e-commerce you can hope to find. However, Shopify does blatantly promote their card reader and entices you into higher paying monthly plans by exacting lower processing fees when you choose their card reader over third-party processors and opt for more expensive monthly plans.
The good news is that even the free level card reader you get with Shopify allows you to do quite a lot that you ordinarily would not be able to accomplish with competitors free card reading options. With this option, your business can enjoy great security in addition to processing magstripe, chip, and EMV credit cards.
Shopify’s advanced credit card reading option has the functions of tap, chip, and swipe but is naturally more expensive. The downside however for Android users is that the advanced option is compatible with iOS devices only.
It’s fairly easy to set up, but the monthly fees can be quite steep making it unaffordable for most small businesses with low monthly volume transactions which are looking to maintain low overheads.
That said, Shopify point of sale and credit card readers have excellent reviews with consumers loving their ability to sync mobile card reader and online store data automatically.
Card processing payment systems have to be tailored to specific business setups. Compatibility between business and the card reading system you opt for is paramount.
The two above card reading systems exemplify how Pay Pal Here may be perfect for a smaller business owner keen on harnessing the power of POS for both a physical store as well exploiting the wide reach of a virtual terminal to boost sales through online sales while keeping business overheads low.
Shopify card reader, on the other hand, may be best suited for a business with higher sales volume in a given month to justify the steep monthly fees. As a business owner, it makes sense to select a payment processing system that adds value and positively affects your bottom line.
To learn more about POS systems in the UK: https://www.shopify.co.uk/pos