Benefits of using Chip & PIN machines
Chip and PIN machines are of great benefit for businesses of all types with the main advantages being:
A card machine gives you multiple ways to accept payment – and for some of them, a customer needn’t even be on your premises.
For transactions up to £45, chip & PIN is still a faster way to accept payment than cash.
Tap’n’go. The easiest, fastest and most convenient payment method. Before 2004, credit and debit cards had been used for a while but when chip and PIN was introduced consumer spending changed massively. As new cards were issued with contactless included as standard, contactless payments began to grow, especially after the transaction value raised to £30 and then £45 earlier this year in response to the COVID-19 pandemic. Today, nearly eight in 10 people say they use contactless payments
Also known as a mail-order-telephone-order (MOTO), this allows you to take card payments over the phone from customers who don’t have time to pop in, or who may not be local.
Card machines offer you and your customers many security advantages over cash. Thankfully with chip & PIN technology, it’s likely you’ll receive payment without any disputes. Every card transaction is heavily encrypted and some card issuers use additional 3D Security – an industry standard security check that asks a card owner to confirm extra details, to reduce fraud as well as Address Verification Service (AVS), which helps to keep your business safe and secure.
By reducing the amount of cash you may keep on site, you also reduce the chance of theft and fraud. Offering card payments also reassures customers as many people feel safer carrying cards than cash.
If you do not accept cards, it could mean your customers may take their business elsewhere. If you use a card reader, you can serve pretty much anyone that comes into your store and accept payment from anyone who has a major credit or debit card (MasterCard, Visa, Maestro and American Express).
With there being a number of card readers available, as mentioned already, you can take payments next to your till, whilst serving customers around your premises or whilst out on the road if you have a mobile business. Research into card use also highlights that consumers spend more when they know they can pay by card. When people don’t need to worry about having enough money in their pockets, impulse buying increases.
The process of paying by card is a lot faster when using a card machine - all the customer needs to do is insert their card and enter their PIN. When choosing a card machine make sure it’s enabled with contactless payments, making it a lot faster for your customers to pay. They can then pay using a contactless card, Apple device or Android smartphone. Faster payments also means reduced queuing times in your premises, so you can serve more people, more quickly.