Importance of a Card Reader for Small Businesses
If you run a business and don’t offer card payments, you’re potentially missing out on a lot of revenue and other hidden benefits. Here’s how the Yetipay Small business card reader can help grow your business.
Boost Sales & Revenue
As customers increasingly use convenient payment methods like credit cards and debit cards, having card readers significantly boosts sales and revenue. Embracing card payments means catering to more customers and decreasing payment time, ultimately increasing transaction throughput. One study found that small companies providing various payment methods, card readers included, saw revenues climb almost 30% in 2020.
Adding a card reader may also increase impulse purchases. Customers tend to make more spontaneous buys when they can pay with cards, likely due to not seeing the actual amount deducted from their bank balance. So, from this, small businesses have the opportunity to get higher sales and bigger purchase amounts. A final thing to note here is that more payment choices build customer confidence in your brand, which is always helpful in terms of revenue.
Reduce Cash Handling Risks
Having lots of cash in your business puts you at risk of becoming a target for thieves. With card readers and contactless payments, small companies can hugely cut these dangers. By adopting electronic payments, businesses can lessen cash exposure and therefore reduce these overall risk factors.
Yetipay card readers provide more convenience, simplifying the checkout process for customers and businesses alike. With less room for mistakes or mishandling money, using card readers can make things run smoother.
Time & Cost Savings
Time and cost savings are vital for small businesses aiming to streamline their operations. Investing in a card reader can dramatically cut time wasted on manual payment processes, freeing up employees to tackle more value-adding duties. As contactless payments surge, businesses harnessing card readers can zip through transactions far quicker, slicing customer wait times by quickening the payment time of customers in front of them.
One crucial aspect of using a card reader for transactions is that security is enhanced greatly. With more data breaches and identity theft these days, businesses should use secure payments to protect customers and themselves.
EMV card readers, commonly known as chip card readers, provide improved security, reducing the risk of fraud. These types of readers send sensitive data that is fully encrypted. This lowers the chance of fraud or unauthorised access.
By showing commitment to security, your business demonstrates reliability. Since contactless payments and online transactions are rising, investing in a good card reader can future-proof your business.
Reporting & Analytics
The card readers small businesses use now provide more than just payment processing. Many have reporting and analysis features that have grown more advanced, giving owners data to guide their business decisions. Tracking sales patterns, what customers buy, and inventory, these devices bring new ways of running a small business.
The real-time reporting of modern card readers grants small business owners access to vital data, enabling monitoring of sales and identifying growth opportunities. Advanced analytics provide insights into customer preferences and purchases, allowing tailored offerings. By using the reporting and analytics features, small businesses can gain a competitive advantage in a crowded market.