Your cashless payment terminal or card reader connects to the internet either over wifi, mobile network, or wired connection. The terminal is connected to your bank account. When your customer or client pays, the information is encrypted and sent to your bank which makes the transaction.
This enables you to take cashless payments. There are several types of card readers on the market. They are:
- Portable – Connecting via wifi this card reader is ideal for use in a store. When your client is ready to pay you simply pop their card in and take the payment. Many now utilise NFC to facilitate contactless payments.
- Base unit / multiple readers – Here, you have a base unit connected via wifi or wired connection and several portable readers connected to it via Bluetooth. This enables you to take payments where your customer is seated, say at a restaurant table. With clever use, you could equip sales staff with this kind of mobile terminal so they can take payment as soon as a customer is ready avoiding queues.
- Mobile – Mobile payment readers allow you to take payments anywhere you have a mobile connection. This means you can take payments at a business premises or a customer’s home. This provides an opportunity for you to provide exceptional customer service as well as your client or customer doesn’t have to mess around with cash. This SumUp 3G review will help you understand how this works and the possibilities offered.
Costs
Most cashless terminals are great for small business as they enable you to be up and running quickly. You simply buy your terminal which normally cost less than £50, and then you are charged a small fee for each transaction. The transaction fee is normally less than 2% so you will hardly notice it on your bottom line.
Meeting Customer / Client Expectations
In today’s world customers and clients increasingly want to pay by card. In Sweden, the country is almost 100% cashless, and other countries are following suit. It is embarrassing if you can only take cash payments and this will disappoint and possibly drive customers and clients away from your business. As well as more convenience for your customer less cash on the premises makes you more secure.
Given the low cost and range of models it is essential you offer customers and clients cashless payment options. It is an essential part of running a business and you should ensure you can offer cashless payment options.