"How would you like to pay for this today?"
That's a normal question in business. Consumers can pay in a number of ways: cash, check, debit or credit. But what happens if your business doesn't have point-of-sale (POS) credit card terminals or merchant debit machines available for your customers? Are you losing out on revenue? That answer is likely yes.
Still, some businesses are hesitant to make the move towards accepting plastic. Instead of falling victim to one of the myths about POS credit card terminals, debunk them.
Myth #1: Customers Won't Want To Use Plastic
This couldn't be further from the truth. Consumers expect that they can use plastic everywhere they go and are often surprised if it's not accepted. It's becoming uncommon for shoppers to carry cash anymore and checks are usually reserved for monthly bills, if they're even used at all. How much revenue is your business missing out on every month by not accepting plastic?
While many consumers are shying away from using credit, nearly everyone with a checking account has a debit card that's linked to their account. These function just like credit, except the money is directly taken from the customer's checking account and does not accrue interest with every purchase. These usually come with a VISA or MasterCard logo and these transactions can be completed with a signature or with a personal identification number.
Myth #2: It's Difficult To Find A Cheap Credit Card Terminal
Business owners worry that they won't be able to find an affordable machine. They worry that they need to come up with a large sum of cash, sign a long-term lease or pay huge application or service fees, just to accept these alternate forms of payment. These devices can actually help increase sales every month, therefore paying for themselves many times over with increased revenue. It's also possible to find companies that offer specials on a free or cheap terminal.
Myth #3: Merchant Debit Machines And POS Credit Card Terminals Are Too Hard To Use
Many merchant debit machines are ready to start accepting payments right out of the box. All you need to do is set it on the counter, plug it in and start swiping. However, if you're concerned with learning how to use the device, purchase or lease it from a company that offers free training classes and a toll-free customer service line that's available 24 hours a day, 7 days a week. Finding a company with a proven customer service record will help ensure a smooth transition.
Myth #4: It Takes Too Long To Get My Money
Wrong again! Debit transactions post almost immediately, while a check can take weeks to clear. Other forms of plastic typically clear in as little as 48 hours. Also, with transactions from merchant debit machines, you'll know instantly if a transaction is denied, saving your business the cost and hassle associated with bounced checks.
Accepting alternate forms of payment is a no-brainer once you know all the details and are able to separate myths from reality.
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