There are many different SMEs taking advantage of credit and debit card processing, but if you’re unsure of the types of businesses that are now using chip and PIN machines and happily processing your credit and debit card payments on a daily basis, here is a small list:
• Restaurants and takeaway food establishments. Mobile credit/debit card terminals are especially preferred here. This allows the customer not to carry cash and also allows them to remain in their chair to pay.
• Shops and supermarkets. This also covers online stores that use virtual credit card payments.
• Hairdressers and barbers.
• Public houses. This might be the new thing in town now. Several organizations have company credit cards that they will gladly leave behind the bar and pay off at the end of the night when all the customers and staff members have eaten etc; this is much more practical and professional than running to the bank to get cash to entertain a client.
There are only a few on this list, but I’m sure you can possibly elaborate on them and refer to a whole host of additional subcategories. All of these businesses enjoy the potential to accept credit/debit cards, and since credit/debit card usage seems to be increasing sharply, these businesses are sure their sales will increase.
Consider the prices?
Now this is usually the question when it comes to credit/debit and credit card payment processing, but what needs to be understood here is the increase in business due to credit/debit card technology installed in the SME premises . If there were no debit/credit card machine, sales would inevitably be lower. Whenever you consider the business costs associated with debit card payments, it’s important to think about the popular phrase: speculate to accumulate. If you pay little, you can earn a lot by accepting debit cards and this is the most important factor to consider.
The next move?
The next step is to review your accounts and determine exactly how much more money you could earn by accepting credit/debit cards. You can search for independent payment processing companies and ask them for suggestions as well. They should be able to give you facts and figures about their particular services so that you can check them out and help you make an informed decision. Base your selection on a number of essential factors and try not to focus entirely on business costs, there are many others to consider, like customer support for example.