Many SMEs (small and medium enterprises) use debit and credit card processing, but there are many out there that have not yet managed to take that step. Out of those who don’t use debit card machines, some of them may tell you that the merchant fees are too high, or they are worried about fraud or something else along the same lines. The truth of the matter is that you will always be able to find an excuse NOT to do something if you are not fully considering your SME’s future.
There are numerous different SMEs that use debit and credit card processing, but if you are even a little unsure about the types of businesses that are now using the Chip and PIN machines and happily processing their debit and credit card payments on a daily basis, here is a small list:
- Restaurants and takeaway food outlets. Mobile debit card machines are particularly popular here. This allows the customer to not carry cash and also enables them to stay in their seat to pay.
- Shops and supermarkets. This also covers online shops using virtual debit card payments.
- Hairdressers and barbers.
- Public Houses. This is the new thing in the city now. Many companies have company credit cards that they will happily leave behind the bar and pay off at the end of the day when all clients and employees have had their lunch etc; this is much more practical and professional than rushing off to the bank to obtain cash to entertain a client.
There are only a few in this list, but I am sure you could expand on it and mention many more sub categories. All these businesses are enjoying the ability to accept debit cards, and since the use of debit cards appears to be on the rise considerably these businesses are sure to see healthy profits too.
What about the fees?
Well this is always the question when it comes to debit and credit payment processing, but what must be understood here is the increase in business due to the debit card technology installed on the premises of the SME. If there was no debit card machine then sales would inevitably be lower. When you consider the merchant fees associated with debit card payments it is important to think about the popular phrase: speculate to accumulate. If you pay a little you can make a lot by accepting debit cards and this is the single most important factor to consider.
The next step?
The next step is to review your accounts and work out exactly how much more money you could make by accepting debit and credit cards. You can go to independent payment processing companies and ask their advice too. They should be able to give you facts and figures about their own services to enable you to take them away and make an informed decision. Base your decision on a number of important factors, and try not to concentrate entirely on merchant fees, there are many others to consider, like customer service for example.