Credit card processing is already one of the fastest and most reliable payment systems in modern business.
But as convenient as the process is, bottlenecks still exist. Customers have to stand in line to use the one and only terminal at each checkout counter. This means longer waits for them and fewer sales per unit of time for you.
However, using some or all of the tips below, it's possible to speed up credit card processing and make transactions faster and even more convenient.
Credit Card Processing Tip #1 – Multiple Machines
The simplest way to speed up transactions is to have multiple payment locations (i.e. terminals) throughout your store. This helps reduce bottlenecks and keeps each individual line relatively short.
Credit Card Processing Tip #2 – Mobile Payment Processing
With mobile credit card processing (via smartphones and tablets), you don't need to have lines at all. Each device represents a mobile point of sale that can travel anywhere and everywhere it is needed — even to off-site locations (e.g. trade shows and conferences).
And because the entire transaction happens through the mobile device, you don't need to print out receipts. Confirmation emails go directly to the customer's inbox.
Credit Card Processing Tip #3 – Virtual Wallets
Virtual wallets (like Google Wallet) are in-phone apps that allow customers to wave or tap their devices and instantly send payments to credit card terminals within your store. Virtual wallets are fast, secure, and arguably more convenient than most traditional credit card payment solutions.
Credit Card Processing Tip #4 – Faster Wi-Fi
Whether you use mobile credit card processing, wireless processing, or virtual wallets, you may see noticeable reductions in transaction times if you invest in a Wi-Fi connection. That's because credit card data can travel back and forth more quickly, allowing you to speed up the entire payment process.
If your store is already Wi-Fi-enabled, consider buying a faster subscription. Doing so costs a little bit more, but it's a justifiable expense if faster connectivity allows you to process more payments per hour.
Credit Card Processing Tip #5 – Recurring Billing
This tip won't necessarily apply to all businesses. But if your company deals with subscriptions, monthly billings or any type of recurring payments, you can speed up future transactions by making them automatic.
With recurring billing, customers don't even have to be on-site. Every billing cycle, payments go from their credit card accounts to your merchant account automatically.
Credit Card Processing Tip #6 – Saved User Data
If you operate an online store, you can help speed up future transactions by allowing users to create accounts. Instead of having to fill in credit card information with each subsequent purchase, they simply login and click “Buy.”
Looking for More Ways to Speed up Credit Card Transactions?
The above tips represent simple yet affordable ways to speed up credit card transactions and make payment processing more streamlined – both for you and for your customers.
If you need help implementing any of these tips — or if you want additional strategies for speeding up payments — don't hesitate to contact us.