Payment Systems - Top Tips For Small Business Success

For customers, there’s nothing more frustrating than spending time shopping in store, only to discover that card payments aren’t available – especially in this digital age.

Cashless payment systems have been on the ascendancy for quite some time, with recent technologies such as contactless payment and Apple and Android pay speeding up transactions more than ever before. As a result of these developments, customer expectations are significantly higher, with cash only payment options now being viewed by many as a major deterrent.

The charge for small businesses to provide card payment options is often the main factor that puts merchants off providing this as an option. However, it is important to establish how much money is potentially lost as a result of customers fleeing to competitor stores which do offer a card payment solution. This is never more acute than when you have a mobile or temporary business trading from, for example, a vehicle or market-stall.

Mobile point of sale (mPOS) technology has been revolutionary for small business owners, offering a low cost option for retailers that don’t want to be tied down to monthly fees or fixed terms with a provider.

The majority of mPOS card reader suppliers use a cost per transaction model, meaning businesses only need to outlay a relatively modest amount for the initial purchase of the machine and then pay a small percentage transaction fee when the card reader is in action.

The use of payment systems such as mPOS not only saves money, it all also reduces the amount of space needed too – especially when compared to a traditional till! Cloud based software allows the card reader to be connected to another device such as an iPhone or iPad via 3G or Wi-Fi with payments processed instantly and credited to the retailer’s payment gateway such as a PayPal account.

For customers that need a receipt of transaction, Bluetooth mini printers can also be linked up via the cloud to produce a thermal printed receipt in seconds. This can be essential for customers who need to provide a proof of purchase to their employers for expenses or tax purposes. Whilst the option of emailing a receipt is sometimes an option, the ability to hand over a printed receipt negates any potential customer objection to handing over an email address.

The benefits of being able to accept card payments (and, indeed, a printed receipt) include enhanced customer service, increased profits and improved credibility and security. Therefore it’s definitely worth considering the benefits of mPOS solutions if you’re looking to take your business to the next level.

For more information about mPOS card transactions, with the added value of providing a printed receipt, take a look at our Ap1600 mPOS printer in action here