WiFi credit card processing machines and terminals are great way to not only keep up with the times, but to future proof a business as well.
Credit and debit card usage is increasing at an extremely rapid rate and most experts are of the opinion that within the next few decades card payment among consumers will become more prevalent than cash.
Besides, using a Wi-Fi credit card machine can benefit both businesses and customers in a number of ways.
Fast and Simple Set Up
As Wi-Fi technology is now widely used in devices such as cell phones and printers, it follows that many people either use the technology or are at least familiar with it, so initial set up of the terminal need not be a daunting task.
In many cases, this can be achieved without the need for outside engineers.
Card transactions using Wi-Fi are almost instantaneous - especially compared to the older generation models which use landline dial up and tend to be far more sluggish.
Speedy transactions can be highly advantageous to any merchant in terms of optimizing customer turnover, as well as to the consumer who, once they have made their choice of goods or consumed a meal, want to move on with their day as quickly as possible.
Convenience and Mobility
Having Wi-Fi card machines solves a few practical problems within a business. Firstly a business can employ several card machines throughout the premises, but only one base station needs to be plugged in.
This results in less clutter through multiple wires as is often the case with stationary card machines.
In addition, if a business has a large premises and is a showroom, for example, having made a sale it is far more customer friendly to be able to process the payment straight away on the spot rather than having to lead the customer to a fixed point and then potentially having to queue to use the card machine.
Versatility and Flexibility
As touched on in the introduction, the use of plastic for payment is going one way - and that way is up.
Many consumers do not carry cash with them anymore and this is an extremely good reason to have a Wi-Fi credit card processing machine.
Take a market trader, for instance; a consumer may wander past his stall and suddenly want to make an impulse purchase.
In the past, if they only had a card, they would abandon the potential buy altogether (or say they were coming back and not appear).
Having a Wi-Fi machine, will ensure that businesses of this nature - as well as many others - never miss a sale.
Though a Wi-Fi credit card machine will probably be a lot more expensive to purchase, it can turn into a more worthwhile investment than a traditional credit card terminal.
This is because in addition to the improved customer service and reduction in lost sales, usage fees will also drop.
Banks and financial institutions may have processing fees for every credit card transaction, but these fees are lower for card present transactions which will always be the case with a Wi-Fi device.
An older stationary model which only supports manual entry and may not be available at the point of sale would lead to details having to be entered later.
Integrate with Merchant Account
Remember that you will need to set up a merchant account in order to process payments through your Wi-Fi credit machine. This video explains what a merchant account is and how it is used to process card payments.
Which Businesses Benefit Most?
Some businesses would benefit more from a Wi-Fi credit machine than others. For example, a really small business in a fixed location with one employee and limited walk through trade would not see many benefits apart from maybe quicker processing of transactions, whereas a restaurant with outside seating would enjoy the full range of benefits available.Here is a list of people/businesses that stand to benefit most:
- Seasonal functions such as fundraisers and Christmas fairs.
- Contractors such as electricians or plumbers.
- Market traders
- Showrooms (e.g. art or furniture)
- Sporting events (so vendors can sell to fans directly in the stands)
As can be seen, anybody looking to purchase a credit card machine and terminal would do well to get a WiFi model as it has many pros and very little cons.
In addition, because these devices utilize the technology of the future, they are only going to get more advanced (and cheaper) in the long run, while older technology such as traditional fixed credit card terminals will become more expensive to maintain and run.
Indeed, it's a well known fact that institutions will always try and keep people up to date with their current technology, while gradually removing support for redundant technology.