Lisa Gibson

Merchant services allow businesses to process a variety of payments in the day-to-day operations. Although most processing providers often offer similar services, the option of wireless payment terminals can set your business apart from your competitors. Whether you’re in the service industry or perhaps run a taxi-cab service, the freedom and flexibility of wireless payment make your services more convenient for your customers, which, in turn, can grow your business.

 

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Not sure how wireless payment terminals would work for your business? Here’s the rundown of what wireless means and how your business can set it up.


Why Go Wireless?

Essentially, wireless payment terminals allow you to take the transaction directly to your customers, without the restrictions of wires, plugs, or a base dock. Wireless terminals function exactly like wired terminals and are equipped to handle a variety of different payment methods such as contactless transactions (NFC technology), chip and pin security, or the old-school magnetic strip swipe.


Wireless means that your customers have the ability to pay for their purchases without heading to the cash register.


Wired vs. Wireless

Wireless manages to both promise significant revenue streams and provides businesses with more reliable and faster service. Many major retailers and restaurants offer this kind of wireless check out in-store, so the customer doesn’t have to make their way to the cash.


The comfort factor of wireless transactions is a huge selling point for customers. Consider the restaurant industry, where getting up to go to the cash to pay for your meal seems like a thing of the past. Allowing your customers to pay from their seats is something that makes them more comfortable and makes your business look good. Ultimately, regardless of the circumstances, being able to bring the transaction to the customer means they’re getting convenient and consistent service.


The only major drawback to consider in setting up wireless payment terminals is perhaps the base cost of wireless operations and the required hardware. Not only would you have to factor in processing costs, you'll also need a new terminal, smartphone, or tablet to use with each mobile card reader. In that regard, businesses may first need to weigh the need for express service versus the start-up costs to properly integrate wireless methods.


The Cost of Wireless Service

Depending on your merchant services provider of choice, you may be subject to all sorts of processing-related fees and start-up costs in order to equip your business with wireless payment terminals. However, any reputable provider will be able to ask any questions or concerns you may have and provide you with comprehensive customer support. If this kind of service isn’t included with your provider, it might actually be worth paying a little more in fees to avoid unreliable service.


Without a wireless payment terminal, your profits may be limited to cash-only transactions. Nowadays, very few carry large amounts of cash on their person, so if they have to leave your establishment in order to find an ATM, they may likely just head out the door and keep on walking.


Paying with plastic is the most convenient form of shopping. In fact, people tend to actually spend more in a store when using a credit or debit card. That’s a boost in profits that your business can’t afford to lose just because it isn’t equipped to deal with different payment methods. When you offer the convenience of a wireless terminal, your customers don’t have to worry about finding an ATM, meaning they’re more likely to spend more money, thus increasing your bottom line.


Ultimately, the right payment processor can help your business grow. That’s why it’s important to find the right merchant service for you and truly make an informed decision. So, ask yourself if it’s time for your business to set up wireless payment terminals.



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Lisa Gibson

Lisa is the Credit Manager of BNA Smart Payment Systems and has over 18 years of experience in diverse roles of credit and credit risk management. She graduated from the financial program at Boreal College and is an expert in personal loans and line of credit, mortgage underwriting, private label commercial credit cards, small business loans, and merchant account underwriting. Lisa is also an avid railfan and HO scale train modeler, and enjoys curling.
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