Accepting debit and credit cards as a form of payment has become quite common over the past few decades. However, many small business owners are still reluctant to adopt this system, fearing they might lose more than they will gain by investing in credit card scanners. In this article, we will take those doubts away by discussing some of the ways credit card scanners can transform your business for the better.
1. It increases your customer base
There are many people who use credit cards as their number one method of payment. These people don’t carry cash around and will look to work with businesses that accept their preferred method. With a credit card scanner, you can attract this type of customer and potentially earn yourself some voluntary company ambassadors. It will also help you stand out from the crowd and make your business look credible.
2. It offers better security
The vulnerability of credit and debit cards to fraud has been dramatically reduced since EMV cards replaced magnetic stripe cards. That means more and more people have become comfortable transacting using credit cards. Investing in an EMV card reader will attract these security-conscious customers and protect you and your clients from costly data theft. For inclusiveness, you might want to invest in a multipurpose card scanner or obtain separate readers for EMV card users and magnetic stripe card users.
While shopping around, prioritize card readers with cryptographic-based processing capabilities to keep hackers and fraudsters at bay.
3. It will save your business money
With the liability of fraud-induced losses now on businesses, incidents of fraud and data breaches can no longer be overlooked. A good card reader will make it easy to tell genuine customers from crooks and help reduce fraud cases. Your business will face fewer risks as a result, and you will enjoy peace of mind running and growing your company.
Additionally, the use of a credit card scanner will save you money on labor costs as it will perform tasks for free that would have been otherwise handled by an employee.
4. It simplifies recordkeeping
Recordkeeping is a big hassle for small companies, but it cannot be ignored as it is the basis for insights used in running a business. Credit card scanners come with the added advantage of automatic recordkeeping capabilities. All your transactions will be recorded by the system in chronological order and can be accessed anytime from a computer.
5. It enhances the business’s reputation
Most customers are aware of the dangers of revealing their credit card information to third parties. Many will be drawn to businesses that have in place a strong cybersecurity strategy. A modern credit card scanner serves as a cybersecurity element as its encryption features ensure hackers won’t make sense of the information they lay their hands on.
Endnote
Credit card scanners will only become more important and necessary with time. Early adopters are already enjoying their numerous benefits, and it’s high time your business joined the league. Make sure to get your scanner from a reliable provider to maximize value for your money and take your business to the next level.
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