Not so long ago, if anyone suggested that one day would come when cash would end, no one would have believed them. But here we are now.
What seemed impossible is becoming a reality and is happening at a very high rate. In fact, 5-6 years from now, cash payments will be less than 20%. On the other hand, credit and debit card sales are set to increase as per the report in a recent forecast. As a result, this information is a crucial indication for business owners to buy a POS machine.
A POS machine is a device that enables different types of card payments including,
- Contactless payments
- Mobile payments
- Chip and PIN
- Online payments
While all these options are essential, online card payments are the most popular, and there are good reasons for that.
In this article, you’ll discover some of these reasons. But first, it is best to understand what an online card payment is.
What is an Online Card Payment?
Online card payment is a payment option that allows you to accept payments from your webpage through an online payment gateway.
A payment gateway is a service that enables online card transactions by performing the following tasks:
- Authorisation
- Capture
- Refund
- Void
- Sale
It acts as the go-between the customer and the merchant.
There are so many different payment gateways, and they don’t work the same way. So choosing the best online payment gateway is necessary to streamline transactions and enhance the user experience in your business.
Some factors you need to consider include but are not limited to-
- Setup fees
- Gateway features
- Monthly fees
- Payment methods
- International transactions
Pine Labs is the best online payment gateway in India and is also one of the most affordable options in the country. Other reliable options include-
- Stripe
- Square
- PayPal
- Authorize.net
- Apple Pay and more
Benefits of Using Card Swipe Machine Online
The benefits of using a card swipe machine online to accept payments are more than we can count. The following are just a few of them,
1. The Speed
How long a transaction takes matters a lot because customers are always in a hurry. You do not want to keep them waiting for too long. Online card transactions are instant and fast. The seamless experience requires only a few seconds to complete the transaction.
2. They Save Time and Energy
A card swipe machine records online payment instantly, so your employees will not have to waste so much time and energy going to and from the bank. That also means that there is no need for you to keep a ledger to track your payments. As a result, your employees will have more time on their hands to focus on other strategic work.
3. More Sales
The time taken to complete a single transaction will determine the total number of transactions you can complete in a day. As a result, it can significantly impact your sales. An online swipe machine minimises the time taken for a transaction and ensures a seamless experience for the customer.
4. Impulse Purchases
Nearly 40% of all online purchases are impulsive. Also, more than 40% of customers who cancel their purchase at checkout do so because the payment method is too complicated. So as long as you provide an easy checkout solution for customers to pay, you can make more sales from impulse purchases.
5. Fraud Management
Accepting card payments online is a credible and more secure option. It helps you prevent fraud by
- Allowing you to block suspicious transactions
- Using CAPTCHA to avoid malicious attempts
6. Ease of Use
Card payments online options are so easy to set up and use. It only requires a few minutes, and you are good to go.
7. Security
Online payment gateways are compliant with standards such as PCI DSS to ensure secure transactions.
8. Affiliate Marketing
Affiliate marketing is one of the most effective ways for merchants to boost their online presence and increase sales through a payment gateway. It’s a more sure way to exploit your business to the fullest.
9. Convenience
Convenience is another reason to buy the best edc machine for your business. You can accept online card payments from any part of the world and at any time.
10. Unlimited Options
If you are looking for the best online payment gateway, there’s no need to panic. There are so many options to choose from; you will always find the one that works best for you.
