Infographic: The advantages of mobile card readers for small businesses
Card payments have never been more popular with UK consumers, yet small and independent businesses remain slow to adapt to new card technologies, choosing cash instead as their preferred method for customers to pay. For the first time in 2017, card sales overtook cash payments as the most widely adopted form of payment transaction amongst British retailers, according to the latest data from the British Retail Consortium (BRC). However, a UK Card Association study last year found that 70 per cent of small company owners thought cash was the best way to receive a payment, followed closely by bank transfers and traditional cheques. With this in mind, retail tech company Mobile Terminals have identified some of the key benefits of mobile card readers for small businesses. With sleek, lightweight design, and relatively inexpensive operating costs, mobile card readers have gained popularity with independent firms in the last few years. Viewed as more reliable than traditional predecessors, mobile card readers have opened many small businesses up to card payment options that were previously edged out by steep fees and terminal rental costs. So, where do smaller businesses start when they?re considering mobile card readers? So, where to start? Firstly, owners need to decide which operator is best. Once you?ll then be able to accept your first payment when your card reader arrives. Each provider will require a simple online registration, before your card reader is sent to you. Owners will then need to download the corresponding app to their smartphone or tablet before connecting the device, either via the headphone jack or Bluetooth, and you?re ready to go. Accepting payments is easy. Mobile card readers don?t stray far from the original operating formula of traditional in-store card readers, so the process should feel familiar to many retailers: 1) Enter the transaction amount 2) Process the payment ??This can be done via chip and pin or contactless and some machines support magi-strip payments 3) Print the receipt ? This is optional and owners can even send customers their receipt by text or email. Records of all transactions from mobile card readers are automatically accessible from your smartphone, allowing business owners instant access to any transaction information. The software also allows small business owners to build reports, making tax returns that little bit easier. The simple registration and set up process, as well as cheap running costs, means mobile card readers offer a more accessible form of payment transaction for small and independent businesses.
Discover how to begin accepting payments with the infographic below
Fred Heritage was previously deputy editor at Business Advice. He has a BA in politics and international relations from the University of Kent and an MA in international conflict from Kings College London.
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