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Finance & Capital

Expanding Customer Base by Accepting Credit Cards

At a day in age were Smartphone applications have been developed to ease and quicken check out processes; cash only establishments are becoming a thing of the past.  Sure each small town will have their Ma and Pa nooks that have been around since the dark ages who can afford to only accept cash because of their developed reputation for good customer service and the fact that customers know ahead of time that cash is the only accepted form of payment.  Not accepting credit and debit cards as a form of payment is hurting the expansion of a business’s customer base.  Credit card terminals are becoming easier, safer, and more adaptable for any business to use.  With a wide range of terminal types available, from traditional ones that are attached to a phone line, to wireless, and even to mobile, a business should have no problem finding one that works for them.

Popularity of Paying with Plastic

Plastic is rapidly becoming a popular form of payment.  With the percent of sales made with credit/debit cards closing in on the 50 percent mark, the demand of credit card acceptance as a form of payment is getting tremendous.  With the conclusion that one of two customers would prefer to be paying with credit, does it make sense to in convince them with a cash only establishment? Accepting credit cards not only speeds up the business transaction, but also provides the customer with a larger range of spending funds.  A customer may only have twenty dollars cash in their pocket to spend.  At a cash only establishment that twenty dollars is the most they can spend.  By simply accepting credit cards, that customers spending ceiling goes from twenty dollars to what could possibly be thousands. Accepting credit cards also expands your customer base and can create more long lasting beneficial relationships.

State of the Art Processing Equipment

Modernize your business with the newest in technological advances when it comes to payment processing machines.  The newest credit card terminals offer the latest technology which maximizes the efficiency and accuracy of the payment.

Terminals, such as the VeriFone Vx510, are easy to use.  The VeriFone Vx510 has an ATM-style interface with an internal PIN pad that will virtually eliminate keying errors.  This terminal will run smoothly as it has 12 MB of memory, Ethernet capabilities, and has an integrated thermal printer making it both customer and cashier friendly.

Another innovative option is a wireless terminal.  A wireless terminal provides businesses with the option of credit card processing on the go.  With its small physique and ease of use the VeriFone Nurit 8020 provides its clients with what they want in a portable payment processing device.  The Nurit 8020 has a large backlit graphical display, a keypad, and has a touch screen with built in signature capture capabilities that will allow one to effortlessly and timelessly approve of their transactions without the hassle of scrambling for a pen. Want to pay debit?  No problem, the device has a built in PIN pad and a quick, quite, and graphical thermal printer.  This device has ideal use for businesses that have a moving customer base such as free lance artist, general contractors, and even street side vendors.

Whether your business is just starting out, or you’re a business owner upgrading the company you already have, credit card processing is a huge aspect in any contemporary establishment. The efficiency and precision that your company can be experiencing in its day to day transactions by obtaining the appropriate credit card processing services is surprising.  Don’t let another customer walk away because your business does not accept credit card payments.

By Ethan Theo

Abe WalkingBear Sanchez is an International Speaker / Trainer / Consultant on the subject of cash flow / sales enhancement and business knowledge organization and use. Founder and President of www.armg-usa.com, WalkingBear has authored hundreds of business articles, has worked with numerous companies in a wide range of industries since 1982 and has spoken at many venues including the Shakespeare Globe Theater in London.