Advantages of Mobile Credit Card Processing of Financial Transactions
You need customers who can pay if you are to survive in business for long. Accepting credit cards is, therefore, one of the ways to achieve these objectives. The shift from paper-based systems like checks and cash is set to increase with a majority of customers being expected to pay for goods and services with plastic money. A mobile credit card processing system is set to benefit your business in the following ways.
The first advantage is that your customers’ sensitive credit card information will no longer be at risk of being exposed if you use this method. Many times, the threat of revealing such information to fraudsters is heightened whenever you make carbon copies of credit cards or write down the cards’ details. With this innovative solution, your customer’s data is safe since you will transfer the data you need by swiping the card. No copies of the card are made and nothing on the card gets written down.
You can carry out transactions faster since you don’t have to make calls to check about the authorization of the card’s expenditure. Such a feature is beneficial, especially during peak times. So, every second you delay to serve another customer translates to a lost sale because customers who are behind the queue may turn impatient and decide to make their purchases elsewhere.
New regulation limits the amount of credit card details you can display when printing out receipts for clients. These include expiration dates of the cards and all but the last 5 digits of the card numbers. Since a mobile credit card processing system is programmable; you can keep out or include the details you need when making such printouts.
Many times, customers can pay for merchandise or services whether or not they have their cards physically present. Instances of such transactions are over-the-phone or online purchases. During such transactions, you will be given the card number, which you will input into the credit card processing system. Transactions where cards are no physically present involve huge credit card processing fees for many businesses or merchants. You can benefit from considerable cost savings if such transactions are large in your business if you use a mobile credit card processing system. Remember that swiping is cheaper than the manual entry of card details because the latter may expose customers to fraudulent transactions or result in erroneous information input.
In conclusion; a mobile credit card processing system is highly beneficial to your firm. You must, however, select a processing company carefully to maximize on these benefits. Give consideration to fees and costs, setup time, customer support system, and if the provider’s services are up-to-date.