As the world takes on a more technologically-savvy approach to transacting, the importance of cold, hard cash has taken a backseat, while electronic transfers and digital banking have become preferred options.
It’s not much of a surprise though, because digital transactions allow for money to be sent and received at the click of a button. Let’s not forget how much safer it is compared to dealing with cash!
As a business owner, it’s important to give your customers payment options. If you’re still trying to wrap your head around what your first step should be, this one’s for you!
In this article, we’ll be discussing why speedpoint machines are a must-have for most businesses.
Definition of Speedpoint Machine
What is a speedpoint machine, anyway? A speedpoint machine, also known as a card machine, has built-in technology that allows it to collect information from a bank card to accept funds from a customer and transfer it into your account.
To complete a transaction using a speedpoint machine, customers simply have to swipe or insert their card into the machine and type their pin code using the keypad. Nowadays, most payment cards and speedpoint machines allow card holders to tap their card onto the machine to transact within seconds without having to press a single button!
Type of Speedpoint Machines
There are two main types of speedpoint machines that are known to make life easier for thousands of small business owners in South Africa: countertop terminals and mobile terminals.
These types of speedpoints are aptly named because the main difference between them is that countertop terminals are meant to be plugged into an electrical socket while mobile terminals are cordless and can be moved and used wherever you need.
Countertop machines offer secure transactions as they’re hardwired and not very vulnerable to data theft. These are perfect for brick and mortar businesses that only operate from a single location as you wouldn’t be able to move them around either within a store or outdoors for events like pop-up shops.
Mobile machines, on the other hand, seem to be the favoured choice between these two types. This boils down to portability, convenience and sleek designs. These machines are designed to be smaller and lighter than countertop ones to enable portability so they’d be perfect for businesses like flea market vendors and those that do house calls.
Benefits of Speedpoint Machines
Speedpoint machines are a must for businesses because consumers now prefer to pay by card instead of cash. You definitely don’t want to be put in a position where a customer is ready to pay and you’re unable to accept the form of payment they offer, especially when it’s now pretty much the norm.
Here are some of the benefits of speedpoint machines:
1. Faster payments
Have you ever gotten to the till at a shop and your bill totals to a higher amount than you were prepared for? And then you’re left fumbling looking for more cash or else you’d have to leave some items behind. I mean, I’m sure it’s happened to all of us at some stage in our lives, and boy oh boy, it is not fun!
Save your customers from these stressful encounters that leave them sweating buckets at the till by offering them the chance to pay with a bank card. By having a speedpoint machine, you’ll have the money transferred in a matter of seconds, and you’ll give your customers a stress-free shopping experience!
2. More security
Unfortunately, carrying around large sums of cash poses a major safety risk in the society we live in nowadays. Consumers are driven toward cashless payment opportunities for this exact reason.
Besides the fact that it reduces the physical theft of cash, speedpoint machines are also equipped with security technologies to ensure that customers’ payment details are protected.
3. Increased profits
Did you know that customers are likely to spend up to five times more when paying by card instead of cash? Think about it this way: if you walk into a store with just R100 and no other payment option, you will only choose items up to R100. But if you walk into a store ready to pay with your bank card, you’ll find it easy to pick more items than you intended to buy.
So you’re not just doing your customers a favour by giving them the gift of choice, but you’re doing yourself a favour too!
Think You Need a Speedpoint Machine in Your Life?
Have I got you convinced that a speedpoint machine is the next best move for your business? Well then, it might be worth checking out our homegrown beauts, the iKhokha Shaker Solo Card Machine and The Mover, if you want to get your hands on the best of the best.
