Accepting credit and debit cards for any business could boost your sales. With people using digital methods of payment, cash and checks are becoming more and more of an infrequent method of pay. While you could pay for a credit card machine through various companies, the fees and monthly costs could strangle your profits half to death. Instead of using your profits to lease a machine, why not look at the possibility of using your phone or tablet?
With companies such as Squareup.com, PayPal, and Pay Anywhere you can accept credit and debit card payments digitally. Whether you use the free credit card swiper ordered from these specific companies or manually key in the information, you can get paid for any product or service you render. What are some of the other factors that make this so ideal for today’s working individual?
1. Any Where, Any Time – Freelance work and retail shops alike can accept payments regardless of where the sale takes place. Home improvement laborers can be paid for jobs immediately with a swipe of the card. Payments can be made to businesses at expos and other marketing venues without having to lug around bulky equipment. As long as there is Internet activity to the device, a payment is just a card swipe away.
2. Fees – As opposed to merchant accounts that pay for leasing card processing machines with monthly access fees, processing a credit or debit card is far less expensive. Generally, fees are less than 3% of the sales cost and are removed from the processed funds immediately. This is a great help to those who try to manage a budget and have to calculate how much fees are going to cost each month.
3. Tracking – Digital card processing companies, such as the ones listed above, offer a wide range of analytical information. Time of day payments are made, GPS location of the payment, trends, and income status reports are all part of standard packages. If you are a freelance laborer, this could be beneficial in order to track the most productive locations for future marketing. A more lucrative locale could easily be discovered by tracking where the payments take place.
4. Fast Payments – On average, less time is taken to swipe a card and have the holder sign the phone or tablet versus standard credit card processing methods used in retail stores. Using the power of high-speed internet, phones and tablets can encrypt and process the information faster allowing for customers to be in and out without having to wait for the “approved” screen.
Payments to your account happen the next business day with most digital card processing companies. Standard merchant account services could take several days to be deposited. Sometimes, you need your money and waiting a few days for the merchant account service to release the funds could put your immediate needs on the back burner.
5. Free to Signup – Most of the more popular digital card processing companies are free to sign up with. These companies make money on your transactions and don’t need set up fees. Even the card swipe attachments are free to obtain, although many retail stores will sell them for $10 or so. Don’t get suckered into paying for something that is free to obtain straight from the processing company’s website.
Regardless if you are a freelance laborer or own your own retail store, accepting credit and debit cards only enhances your business profile. Many people don’t carry cash or checks and utilize their cards on a regular basis. Don’t deprive your customers of an important payment method.