In today’s hyper-competitive business climate, one of the best ways to attract and keep customers is to provide them with a flexible and rich buying experience. Along with stellar products and customer care, letting people pay using their preferred method will help attract new buyers to your business and keep existing shoppers coming back. Choosing a mobile card reader is an affordable way to expand your store’s offerings and raise your business’s appeal!
Why do you need a mobile card reader?
Upgrading your payment terminal to include a mobile card reader is much more than simply a cosmetic improvement.
- You can accept payments anywhere. Once you have a portable card reader at your disposal, you and your staff are no longer tethered to a stationary payment terminal. Regardless of what vendor you choose, a hand-held mobile card reader package consists of a smartphone or tablet containing processing software. Once it is up and running, it functions just like the point of sale (POS) equipment you are already using. The only difference is that you can carry a mobile card reader with you onto the sales floor, across town to a pop-up store, or even to a different city or country. Furthermore, the device should interfaces with your product catalog and inventory management software, allowing you to access stock counts and help customers from all locations.
- You can replace your existing credit card terminal. Although stationary systems require you to pay a variety of associated fees, many mobile card readers only come with per-transaction costs. As a result, savvy entrepreneurs recognize that it makes good financial sense to swap out their current systems with these more portable and affordable alternatives.
- Integrate touchless payments into your business. If your current terminal only allows customers to dip or swipe their card, you are missing out on the speed, convenience, and safety that contactless payments can offer. Most modern mobile readers come equipped with the near-frequency communication (NFC) technology that allows shoppers to complete a payment simply by placing their smartphone or wearable device close to your reader.
Best of all, mobile card readers maintain the same strict security protocols merchants have come to rely upon in their stationary systems. Now that you have seen some of the benefits of these portable and smart devices, it’s time to choose the best one for your business. Below are four things to consider when selecting your mobile card reader.
1. Put safety first.
Keeping your customers’ payment information safe from cyber criminals needs to be one of the top priorities for all businesses that accept non-cash payments of any kind. Ensure that your mobile card reader comes equipped with layers of protection like certified, point-to-point encryption, and tokenization that shield payment data from hackers as soon as it is registered by your reader and throughout the entire transaction. Addressing this issue is just as important as backing up your internal systems and files, so be sure you dedicate your full attention and resources to doing so.
2. Understand the fees you will be charged.
Although mobile card readers do not come with the same setup and statement charges commonly found with more traditional payment terminals, it is helpful to do your homework before signing up with a particular provider. Be sure that you fully understand all charges you will be asked to pay. Don’t be afraid to speak with the vendor’s representative to learn if you can reduce some of them. Although the card companies’ interchange fees are set in stone, many other charges allow room for negotiation.
3. Look for proof of security compliance.
Talk is cheap. It is all too easy for vendors to make all manner of claims about their commitment to data security. Instead of simply taking them at their word, look for a provider that can demonstrate its compliance with the Payment Card Industry Data Security Standard (PCI DSS). This set of guidelines provides a framework that helps payments companies ensure that their networks, protocols, and practices are designed and implemented to protect the payment data they are responsible for.
4. Choose an option that integrates with your existing systems and software.
Many business owners are wary of upgrading their card readers because their current models work well with the accounting, customer relationship, and other software that they already have in place. They fear that transitioning into a new mobile solution will force them to also give up the other tools they have come to rely on to run their business.
The good news is that many of today’s mobile card readers are designed to work seamlessly with popular business management programs. As you go through the process of reviewing your options, be sure to focus on readers that easily dovetail with the financial and CRM packages you have already invested in.
A mobile card reader is deceptively simple. Although it is encased in the small confines of a smartphone or tablet, it can open up a world of limitless possibilities for your retail operation.
That being said, choosing the best mobile reader option for your small business requires understanding who your customers are and how they like to pay. You’ll also need to carefully investigate competing vendors before you make your choice to ensure that your mobile card reader technology is secure and integrates with your legacy systems and software. Although the selection process may briefly take up your time and attention, the positive results for your company and your customers will soon become apparent.
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