It isn’t too hard to imagine but according to the 2013 Federal Reserve Payments Study, which tracked payment trends over a 10 year period from 2003 to 2012, it was found that credit and debit card purchases are sharply on the rise.
In addition, the general-purpose cards, which include Visa, MasterCard, American Expression and Discover as well as debit cards and prepaid cards, rose in total sales dollar value from $0.9 trillion in 2009 to $1.4 trillion in 2012, which is a growth rate of spending on these cards at 16.3 percent.
At the same time, according to Forbes magazine, 55% of small businesses in the United States do not accept credit or debit cards at this time. This means that about half of small businesses are not accepting the payment method their customers prefer to use, which may result in lost sales and decline revenue. Many may not be offering this to their customers because they don’t know how to accept credit cards and just how easy it can be.
In the past, many small businesses simply couldn’t effort the older options in point of sale or POS systems. These are the register types of systems of the past, but also the more modern and streamlined options of today. Now, these POS systems can connect to tablets and have a very limited footprint, perfect even when counter space is at a premium.
At MBN, we provide a range of different options besides the more traditional POS credit card processing systems.Each of these has its advantages from mobility to ease of setup and use, making them ideal for all types of small to large businesses. We are also here to talk you about how to accept credit cards for your sales needs while keeping costs low.
Some of the most popular options we offer to accept credit cards include:
- Handheld systems – these are small and compact, and allow full credit card processing without the need of a computer or a POS system. They are about the size of a large smartphone but thicker and much more durable.
- Mobile – these are a great option when sales staff is mobile or for a business where it is easier to bring the credit card processing to the customer. These small devices fit into the top of a smartphone or tablet with the screen allowing for customer signatures, emailing receipts or even having receipts sent wirelessly to printers.
- Online – there are different highly secure ecommerce payment systems available. These are cloud based and are accessed through a web browser, allowing multiple computers to process sales at the same time.
Through our options in credit card processing systems, you will find the option that works for your business and your sales needs. If you need help on how to accept credit cards, just let us know.