Retail stores feel the pressure to increase their bottom line more than any other industry. One of the easiest ways to improve your bottom line is to process credit cards. Smarter POS offers easy and integrated solutions to help retailers process credit cards.
How can processing credit cards improve my revenue?
Credit cards are more prevalent than cash today. Intuit found that 83 percent of businesses surveyed saw a revenue increase after accepting credit. This bump in revenue was as high as $20000 per month with fifty-two percent of those surveyed seeing a rise of at least $1000.
People are more likely to use credit cards than cash. Only 24 percent of consumers purchase everything with fiat money. While not small, at $2.3 trillion in total, this was only double the total amount of credit card debt. 86 percent of Americans claimed that they used cards at least some of the time.
This is particularly true for high value restaurants and retailers. The larger the transaction, the more likely a customer is to use credit cards.
How do I process credit cards?
Credit card processing requires a terminal and secure connection to your accepted providers. Accounts with these companies are required to accept cards. Merchant fees of 2-3 percent are usually applied for each transaction and are paid directly to the credit company.
Equipment to process cards can be used at the register or may be mobile. Smarter POS offers handheld devices through SecureTablePay that gives your employees freedom of movement.
Do people spend more when they use credit cards?
Customers spend more on average when using credit cards. The average cash purchase is only $22 compared to $112 for non-cash transactions. Credit cards tend to increase the amount spent in cash purchases as well as the average amount spent in a mixed transaction was $84.
Credit card providers make spending incredibly easy. These companies provide incentives such as airline mileage or money back that makes them lean towards their card over anything else in their wallet. Experts refer to these incentives as easing the pain of paying.
Do point of sale systems accept credit cards?
Most point of sale systems accept credit cards. They may also charge an additional fee for their usage. Of the major systems, each one accepted credit. Many limit credit card purchases to a specific set of companies.
Smarter POS works with you rather than against you. Our customized and off the shelf solutions aim to provide as much access as you need to the most popular cards. We also handle loyalty programs and gift cards to allow you to show appreciation for your customer base.
Are there security risks to accepting credit cards?
There is a risk of identity theft when using a credit card. However, retailers are not greatly affected by this form of fraud. Instead, consumers are hit with up to $16 billion in fraudulent purchases each year.
There are ways to give your customers peace of mind and increase their trust in your company. This includes accepting pin and chip transactions and minimizing the use of receipts for credit card purchases. Smarter POS allows your customers to complete transactions at the register and integrates the most modern security solutions for your convenience.
If you opened a retail store and are asking how do I process credit cards, contact us at Smart POS today. Serving greater Colorado, the midwest, and the USA.
Campbell, Anita. Cash Isn’t Always King: Accepting Credit Cards Can Increase Your Business. (28 January 2019). Available at https://smallbiztrends.com/2013/07/accepting-credit-cards-increase-business.html
Sirull, Ellen. Cash vs. Credit Cards: Which Do Americans Use Most? (18 June 2018). Available at https://www.experian.com/blogs/ask-experian/cash-vs-credit-cards-which-do-american-use-most/