7 Reasons you Need a Chip and Pin Machine for your BusinessBy Angelica Malin
The way your customers and clients shop and pay for services is changing. Online payments in some form are increasing all the time and many want to pay by card rather than cash when looking for the best deal. Now with the advent of an affordable chip and PIN machine, there is no reason for your business not to have one. In fact, there are many reasons to get one. Let’s take a deep dive into what they are.
Affordable Chip and PIN Solutions
There was a time when a chip and PIN card reader was pie in the sky. They were expensive to install and expensive to run. That is no longer the case. New players have now entered the market and now you can get exactly the right chip and PIN reader for your business at an affordable price. Better suppliers such as SumUp provide chip and PIN readers for under £50.
Favourable Chip and PIN Pricing Model
The pricing model for a good chip and PIN reader is highly favourable to smaller enterprises. It works by charging per transaction with good vendors offering rates of under 2% per transaction. You will hardly notice it on your bottom line and given that you’re opening a new payment method you are bound to see your revenue stream increase.
A Portable Chip and PIN Machine
One key development in the technology is that portable, wireless options are available. This means you can take your machine on the road or where the customer actually is to get paid. They work by connecting via a phone app. Once the reader receives a card the amount is debited and sends the encrypted information to your bank account for the transaction magic to happen.
Some card machines have the wireless technology built into them so you don’t have to rely on your phone to help make the payment. The wireless chip and PIN card machine comes into its own if you are taking payments from a customer’s home. Your customer doesn’t have to get to a cash point to pay you, and this adds a new favourable level to your customer service. In turn, you build trust and your brand.
Meeting Customer Expectations
As your customers and clients want to pay you by card it makes business sense that you can offer them this facility. They expect and indeed deserve no less. Taking card payments makes sense in other ways too. Consider:
- You come across as a more professional, reputable outfit
- You offer convenience to your customer
- You offer the same service levels as your competitors or better
- You offer the same service level as corporate giants
Additionally, you are more secure. You don’t have to hold too much cash on your person or in your retail outlet reducing the chances of being robbed.
Chip and PIN card readers can handle almost every card you can think of and they facilitate contactless payments too.
Perfect for All Types of Business
As mentioned you can either have a portable chip and PIN card machine or one that is more suited to fixed premises. There is another version where you have a base unit connected online. To this unit, several card machines connect allowing you to take payment from where a customer is sitting.
You have probably seen this in restaurants. Again branding, convenience and customer service levels are enhanced.
This can also be utilised by other retail outlets. Imagine taking a payment after your customer has tried something on or you have helped found an item in your store. Not only do you bypass queues for your customers, but you can sell before they have a chance to change their mind.
Prepare for the Future
Some countries have gone cashless already. It is something that will spread worldwide and as such it pays to prepare for the future now. The costs are low and the advantages highly favourable in so many ways. Upgrading now puts you ahead of the curve and that is always a good position to be in.
Build your Brand
Branding is essential to growing your business and keeping the revenue streams healthy. A card reader helps you build a strong brand by offering a better professional service to your customer and clients.
Branding is many things and the best brands have perfected a lot of facets to get where they are. They control the narrative about their business and how they conduct it. Their logos are on point and they generate an image for themselves which people trust.
They also do business professionally. This is why your chip and PIN card machine is invaluable. It helps you do the business day in day out.
Get a card reader for your business and let the revenue start coming in. Build your brand, build your business, and become a trusted brand in your markets.