Payments have long been a necessity in business. Without a transaction, there is no profit to gain from a deal. However, these transactions often came with vast costs. For example, credit card payment providers charge processing and cancellation fees. This makes it impossible for payments to be conducted for small amounts. However, with new technology players entering the market, new opportunities have emerged.
Credit card payment with limited fees
By using new technologies, challengers in the market can offer transactions at very low fees. Besides that, they offer their hardware at the fraction of the price. The trick? Leveraging the existing technologies that are present in smartphones and tablets. You can easily connect a card reader to a smartphone, allowing you to add products to your store and start selling. You can scan barcodes as well as select products in an overview. Once the order is captured, the client can scan his card using the terminal.
Full suite of analytics capabilities
Once a credit card payment is conducted it will become available in the overview. Here you can find all transactions that are conducted, both online and offline. Analytical capabilities make it possible to analyse the behaviour of customers and act accordingly. In this way, you will get to know customers better and create effective segmentation to target customers. This will increase customer loyalty and profit by simply conducting payments with credit cards.
Online transactions
Do you have a webshop for your customers? These transactions can also be incorporated into the system, reducing your online fees. You do not have a webshop yet? No worries! With the introduction of payment links, you can also conduct online transactions without the need for a webshop. These transactions are completed by sending a link to the customer. The customer can click on the link and conduct the payment with their credit card provider.
Social media and other channels
The payment links are very useful for merchants that do not have their own store. They can share the links with their clients via e.g. social media to conduct transactions. In the current state of a pandemic, it can be used in stores as well. Since contactless payment terminals sometimes still require the user to enter a pin, this is not considered desirable. Instead of a terminal, the user can scan the QR code and conduct the payment instead. This is a more hygienic way to conduct transactions while retaining the ease-of-use.
Players in the market
There are multiple players in the market of innovative credit card payment providers. SumUp is one of the players that has been pioneering in the market and offers several payment solutions. All these solutions are integrated into a single platform that allows businesses to analyse transactions. Want to learn more about the products that SumUp is providing? You can visit their website, SumUp.co.uk, for more information.
