When you're doing business out and about, you need to have the capability to take credit card payments on the go. If you don't, the next guy will. It seems simple enough, but there are a few things to consider when choosing the right solution for your business. Stay competitive, and think about the following when comparing credit card readers.
Swipe or Chip?
It's important that you have access to a credit card reader that is flexible and can do both. Most, but not all cards have the chip. So, at least for a little while longer, your card reader will need to do double duty.
Competitive Processing Fees
The competition is stiff here, and you should have no trouble finding and using a card reader attached to a fairly low processing fee. They may charge a percentage of your sale, and a per transaction fee. Some only charge one or the other.
You will generally pay more on transactions where the card number is manually entered as opposed to swiping or inserting the chip. This can vary quite a bit, so shop around and see where you can get the best fee, but check into other features as well.
This is a type of consumer fraud. It happens when a customer makes an online purchase on their own card, and then deny the purchase later, causing you a chargeback, and a loss of revenue. The best credit card reader providers will offer chargeback protection in cases where this is evident. Examine what type of protection they offer and see how it works.
The easiest way to transfer payments into your bank account is to have a credit card processing company that automatically deposits sales revenue in to your bank account. You just go about your business, and the money is transferred without any effort on your part.
Check to see what the turnaround time is on deposits. Is it same day, one day, or 3 – 5 business days? Sometimes, time is of the essence, and turnaround time for bank deposits can make a real difference.
Is the Security Protocol Sufficient?
Security is a big issue when it comes to accepting credit card payments on a smartphone. Who hasn't felt a bit nervous when the hot dog vendor swipes your credit card? You think "Surely this is OK?"
All credit card readers should use PCI compliant security measures in processing payments and moving money around. It's industry standard now, but double check to make sure that any prospective company you look into uses it.
Is the Card Reader Enough?
Many credit card readers will offer a point of sale app for your smartphone that will manage sales numbers and analytics for you. Is this something that you're looking for?
If so, look at the different platforms, and see how they fit your needs. If not, see how you can simplify things. Sometimes, you can get too many processes going for the same thing, and it works against you instead of for you.
Take these points into consideration when you're shopping for a smartphone credit card reader. Make the right decision based on your needs.
Go on a shopping spree
Don't have enough money to make the best out of the year-end deals in shopping malls? Not to worry! Instead of scouting for deals in snazzy shopping malls, shop through the website of your credit card. You will be surprised to find how many reward points can get you the merchandise that you may be lusting after in fantastic offers available online. Be it toys for the kids, apparel or health and beauty products you are likely to find good deals on e-commerce sites that your card issuer has tie-ups with. So instead of spending money on merchandise in retail outlets do your shopping online by making the best use of your credit cards! You can still visit the malls to experience the holiday cheer, though!
Travel guilt free this holiday season
If shopping is not your thing and you are the adventure seeking backpacking kind looking for a quick weekend escape this holiday season, check how many reward points you can redeem against air tickets. Some credit card issuers have tie-ups with airlines where you can redeem your reward points to get tickets that are significantly discounted. Some other card issuers have tie-ups with aggregator websites that let you are a winner as you may just lay your hands on the fun trip to rejuvenate yourself as the year ends.
Gift vouchers to make loved ones' smile
Are you feeling low for you have not been able to purchase gifts for your loved ones as you are seriously short on money? These gift vouchers could be the perfect gifts for the picky ones in your family who are never quite happy with the choice of others. Gift vouchers redeemed against your reward points can make you both happy!
Save up on annual fees
If none of the above are on your to- do- list and you prefer to curl up under a warm blanket with your favorite book and a warm drink during the holidays, you could still enhance your holiday cheer by redeeming your reward points to pay off your annual credit card renewal fee. This will result in savings that you may not have otherwise anticipated.
A chance to give back
Tis the season to be giving, humble and grateful. The gift of giving back is one that brings in joy unbounded, so if you are feeling magnanimous, Most card issuers allow you to donate your reward points to charities and non-profit organizations, so you can do your bit to give back to the society. What's more is that such donations are eligible for tax deductions too. we hope you will have the opportunity to spread some extra holiday cheer!