Retail Credit Card Processing
It’s no secret that credit card acceptance is important in today’s fast paced world. Almost everyone uses debit or credit cards almost exclusively, so, without it, sales can be pretty hard to come by. While every modern business should make it a point to offer card processing in some way, shape, or form, there’s no industry it’s more crucial in than retail. Retail credit card processing is an absolute, no-questions-asked necessity.
Why Offer Retail Credit Card Processing?
Credit card acceptance is extremely important in the retail environment, and not just because it’s most customers’ preferred form of payment. Retail credit card processing can actually make a significant difference on a store’s bottom line.
Here’s how retail credit card processing can make an impact:
- It allows for big-ticket purchases. Customers aren’t going to buy high-priced items using cash. For big-ticket buys (typically those over $50), they’re going to use credit cards almost exclusively. Failing to offer credit card acceptance essentially makes big purchases impossible for your customers, something that will definitely hurt your bottom line in the long run.
- It makes impulse buying easy. Impulse buys are the bread and butter of a retail store. They’re those spur-of-the-moment, “gotta-have-it” buys that customers see and just have to purchase. With a credit card, impulse buys are extremely easy. Customers just whip out their card, swipe it, and they’re on their way with a brand new item. Without credit cards, however, customers either have to spend the time counting out cash or writing a lengthy check, both of which give them time to re-think or decide against their impulse purchase.
- It speeds up the checkout process and cuts down on wait time. Credit card processing is simply quicker than paying with cash or check is. That means your store can process more purchases in less time, and give your customers a speedier, more convenient shopping experience. Both of these can improve your profits overall.
Credit Card Processing: Retail Options
Once deciding to offer credit card processing, retail stores have a number of options. There are a variety of different types of processing equipment and services; the type you should choose depends on your store’s specific needs and set-up.
Here are just a few of your retail credit card processing options:
- Traditional static card terminal – This is your standard set-up, with a cash register, checkout line, and card-swiping device mounted on the front counter. Your employees ring up a sale, the customer swipes their card through the device, and then they type in their pin. The transaction is processed, and your employee hands them a receipt on their way out.
- Mobile POS – A mobile POS, or point of sale, allows you to take the checkout directly to your customers. Essentially a handheld computer or scanner, a mobile POS lets your customers roam about the store and, when a customer is ready to make a purchase, process their transaction on the spot using the handheld device.
- Smartphone processing – If you’re a small store or operate an off-site location, smartphone credit card acceptance may be the best option. This allows you to plug a small swiping device into the headphone jack of your cell phone, then use an app to process transactions on the go. There’s no limit to where you can take payments, as long as you have mobile service.
- Online processing – This type of retail credit card processing is typically used in tandem with one of the others. Through online processing, you can allow your customers to purchase your products online, through your website, anytime day or night. It’s a great way to ensure you’re getting sales even when your brick and mortar doors are closed.
Not sure which retail credit card processing option is right for your store? Then contact Total Apps for help. We’ll match you with the perfect service for your customers and your budget. Also, when you choose Total Apps, you get the following advantages:
- Retail rates from 1.09%
- Wholesale terminal equipment cost
- No application fees
- Online application process
- 99% approval rate on retail accounts
- 24 hour approval
- Free business support for the life of your account with us
- Personal account managers
- Free downloads and reprogramming of existing terminals
- Free cost analysis for currently processing clients
So what are you waiting for? Give us a call today and get your business up to speed and earning more than ever before!