What Can Businesses Do to Speed Up Credit Card Processing?
Over 50% of customers prefer using credit and debit cards instead of cash payments. It’s no surprise that cashless transactions are taking over the retail industry. Using a card is faster, safer, and more convenient than handling cash.
Businesses, both small and large need to adjust to the growing need for card processing. What are some of the best ways to speed up credit card transactions?
1. Add more payment terminals. The easiest way to increase card processing speed is to have multiple payment terminals in your establishment. With this method, you can keep checkout lines short and reduce the chances of bottlenecking.
You can set up different credit card machines in varying terminals, depending on the purpose. For example, standard countertop devices can be used for regular card transactions, while salespeople can roam around the store with a portable payment device.
2. Accept mobile payments.Keep up with modern technology and start accepting contactless payments via mobile. Digital wallets allow customers to send funds through their phones, eliminating the need for debit or credit cards. Customer payment information is stored through a dedicated application, making this service a fast and safe payment solution.
3. Invest in a better connection. Whether countertop, portable, or mobile, all credit card machines need some connection for card processing. Transactions become noticeably slower when a phone network or Wi-Fi signal is poor. Though slightly more expensive, investing in faster connectivity allows card data to travel back and forth within a shorter amount of time.
4. Offer recurring billing.If your business deals with monthly payments or subscriptions, then you can benefit significantly from recurring billing. This setup allows you to streamline transactions by automating payments. Your customers don’t have to worry about missing payment schedules or incurring overdue payment fees.
5. Opt for electronic invoicing.Traditional billing methods are slow and tiresome. Businesses have to print an invoice, send it via mail, wait for customers to confirm receipt, and then wait even longer for the payment to be mailed back. Instead of going through this rigorous process, you can take advantage of online and mobile invoicing to generate and send electronic bills almost instantly.
About the Author:
Compare Card Processing Ltd offers a platform to compare card readers available in the UK and finding the cheapest card machine for your business, credit card terminal providers in the UK.
