The retail solution that easily connect retailers and consumers
Technologies changes every now and then, the tools that were used to start a business become outdated. Therefore, for retailers the replacement of manual cash registers with modern solutions is a significant undertaking. In addition, integrating new tools through modern technologies assists in generating more revenue.
The retail industry is undergoing fast transformation today; this is not only looking at how consumers purchase but also how businesses use technology to attract customers to expedite operational processes and increase sales.
A variety of retail solutions is currently available in the market. As a result, you must plan your retail strategy and see where you want to be as a business, and finally choose the best solution that is right for you.
This article focuses on the importance and benefits of credit card machine terminals for your business.
What is a credit card machine terminal?
Whether your business accepts only cash or start adopting cashless payments, getting a credit card terminal can help you to boost sales, improve customer shopping experience and even elevate your business operations.
The usage of credit card machine has been rapidly increasing, especially when people are embracing technology and move towards a cashless society. However, if your business does not accept credit card or cashless payment, you are losing out at staying ahead of the competition as a retailer.
In other words, credit card terminal is a device that enables you to receive credit, debit card, or prepaid cashless transactions.
How does the credit card machine terminal work for businesses?
Credit card terminal is a device used to collect cashless payments from customers who wish to pay with credit, debit, or prepaid cards and e-wallets. They are usually connected to the internet via a SIM card to send data to the processor.
The credit card processor uses a merchant account and manages the funds on your behalf and then transfers them directly to your checking account at your discretion. The credit card terminal makes it easy for merchants to conduct their physical business.
Retailers simply need to enter the transaction value and let their customers complete the transaction by inserting or swiping their bank cards or using their e-wallet.
Credit card machine payment methods in this era
In the early days, credit card machine only accepts bank card payment methods as a form of cashless payment, either debit or credit card. However, with how the technology evolves over time the credit card machine also evolves to reach a wider market and provide more payment options for consumers.
For instance, iPay88 Android Smart Terminal offers the most comprehensive credit card machine and is able to accept cashless payment methods nationwide as well, such as:
- Bank cards: Mastercard, UnionPay, and Visa
- E-wallets: Alipay, Boost, Grab Pay, MAE, MCash, Setel, Shopeepay, Touch ‘n Go e-wallet, UnionPay, and WeChat Pay.
- Buy Now Pay Later: Atome and Pay Later by Grab
- Others: Applepay and SamsungPay
The video below shows how the credit card machine performs the transaction.
How do businesses benefit from having a credit card machine in their business?
“One terminal, many ways to pay”, adopting a credit card terminal is beneficial if your retail shop is moving towards cashless payments. These terminals can bring more sales, improve customer experience and expand your business. These are a few main highlights of the advantages of having a credit card terminal in your business.
1. All-in-one payment
Many people are less inclined to carry cash because of its inconvenience and potential threat to their security. Therefore, more and more people prefer to use cashless payment methods.
A credit card terminal is a guaranteed solution to ensure retailers can serve their customers by receiving payments faster and more securely. Retailers can enhance every customer shopping journey with iPay88 Android Smart Terminal.
Moreover, this terminal has the most comprehensive payment options such as bank cards, e-wallets, Buy Now Pay Later and others. Our terminal has a user-friendly interface for easy navigation, payment collection, and financial reconciliation. Retailers do not need to have any technical knowledge or complicated training to get started.
2. Simplify the checkout process
Credit card terminal can process transactions much faster than done manually with cash, which can increase customer satisfaction. This also means that customers can check out an item quickly, increasing overall efficiency and reducing wait times.
In addition, credit card terminals can eliminate the risk of human error that occurs by managing manual payment methods. Settlement can be done automatically at the end of the day, eliminating the need to calculate the total amount manually and avoiding errors due to miscalculations.
With iPay88 Android Smart Terminal, you can increase the speed of transactions, improve customer loyalty and increase customer satisfaction. You can also improve the efficiency of your store and eliminate tedious manual tasks related to in-store money management.
3. Enhance storefront appearance
What would your storefront look like if there were long queues and heavy foot traffic? You will probably run the risk of preventing new customers from entering your store. Customers value time and get impatient if the queues are too long, so they may give up on buying the product.
As a retailer, you can speed up this process by introducing iPay88 Android Smart Terminal. This will reduce lines and congestion allowing your store to be inviting. Additionally, with the help of the terminal, retailers can improve the checkout process.
4. Enhance customer shopping experience
Delivering a consistent and seamless customer experience is a massive advantage in the highly competitive market. With a faster, more secure, and more convenient way to accept payments, retailers can delight their customers.
As a result, retailers are able to enhance their customers’ shopping experience and allow their customers to pay using their preferred payment methods, not limited to only credit or debit cards but also accept e-wallets and Buy Now Pay Later.
Besides, with the ease of usage of the terminal, customers just need to insert, swipe, wave, or scan to pay.
5. Stay ahead of the competition
Introducing a credit card terminal would make your business more competitive. Accepting cashless payments would give your business an advantage over those that only accept cash.
Customers do not carry cash these days, and they spend more when they are making payments with cashless payments, for example, credit cards. Thus, you can increase your sales if you introduce a credit card terminal in your store, allowing your business a distinct advantage over your competition.
Empower your business with iPay88 Android Smart Terminal
As discussed, businesses are able to gain many benefits from having a credit card terminal, so it’s worth starting your cashless journey today.
One thing is certain – digital adoption in Malaysia will only continue to expand. While urban areas have been adopting cashless practices, there still is much room for growth in more rural and remote places. However, this gives businesses in these areas a competitive advantage as an early adopter.
If you still have doubts or questions about Android Smart Terminal, our consultants are ready to answer any business concern and propose the best solution that fit your business digitalization mission.
We are excited to help you start accepting cashless payments!