As convenient as credit card processing is, bottlenecks still exist.
However, using some or all of the tips below, it’s possible to speed up credit card processing and make transactions faster and even more convenient.
A simple way to speed up transactions is to have multiple payment locations (i.e. POS systems or credit card terminals) throughout your store. This helps reduce bottlenecks and keeps each individual line relatively short.
With mobile credit card processing (via smartphones and tablets), you don’t need to have lines at all. Each device represents a mobile point-of-sale (mPOS) that can travel anywhere and everywhere it is needed — even to off-site locations (e.g. trade shows and conferences). Why have your customers stand in line when you can accept their payments from anywhere in the store.
And because the entire transaction happens through the mobile device, you don’t need to print out receipts. Confirmation emails go directly to the customer’s inbox.
Digital wallets (like Apple Pay®) are in-phone apps that allow customers to wave or tap their smartphones or wearables over near field communication (NFC) readers to complete a transaction. Instead of transferring account numbers, card details are encrypted in the digital wallet and a secure element chip, similar to the EMV® process, provides a unique digital signature for each individual purchase. Digital wallets are fast, secure, and convenient payment solutions.
Whether you use mobile credit card processing, wireless processing, or traditional credit card readers, you may see noticeable reductions in transaction times if your internet or Wi-Fi connection is faster. That’s because credit card data can travel back and forth more quickly, allowing you to receive your authorizations sooner. Investing in a better service may cost a little bit more, but it’s a justifiable expense if faster connectivity allows you to process more payments per hour.
This tip won’t necessarily apply to all businesses, but if your company deals with subscriptions, monthly billings, or any type of recurring payments, you can speed up future transactions by giving your customers the option to automate them.
With recurring billing, payments get deducted from their credit cards or bank accounts so you get paid on-time every time, and your customers don’t have to worry about mailing checks or incurring late fees.
If you operate an online store, you can help speed up future transactions by allowing users to create accounts. Instead of having to fill in credit card information with each subsequent purchase, they simply login and click “Buy.”
The above tips represent simple, yet affordable, ways to speed up credit card transactions and make payment processing more streamlined – both for you and for your customers.
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