Card Readers Can Help Businesses Acquire More Customers

magnetic card readers

It’s no secret that today’s consumers are using cards more and cash less. In fact, approximately seven in 10 Americans own one credit card, at least. Because of this shift from cash to card, many businesses have had to adapt the payment options they offer customers. Those businesses who have yet to change their payment options are significantly falling behind in the retail world. But using magnetic card readers isn’t just convenient for customers. It can actually help businesses too.

Make more sales: When customers are faced with spending money at a store that does not accept cards or a store that offers quick and convenient use of magnetic card readers, they’re more likely to choose the latter. So when businesses don’t offer the convenience of a magnetic card scanner, they’re risking losing business. Additionally, customers will be more attracted to businesses that offer a variety of payment options, which means businesses can continue to compete with their competitors. Overall, offering the use of a magnetic stripe card reader and other convenient payment options will encourage customers to make purchases and increase business’ sales.

Use loyalty programs: One of the downsides of only accepting cash or check is the inability of setting up customer loyalty or reward programs. It’s significantly more difficult to keep track of loyalty programs when customers can’t conveniently swipe their card and have their information pop right up. But when magnetic stripe readers are integrated, customers can not only pay for their purchase, but the system can automatically bring up their loyalty program information. This encourages customers to sign up for these programs and use them more often.

Take advantage of analytics: A credit card reader not only accepts payments, but it can also capture important information about customers. Demographics and buying behaviors are crucial information needed for marketing strategies. With traditional payment methods, this information is more difficult to obtain. But when customers use magnetic card readers, the business automatically has that information about them and can use it to market directly towards their purchase behaviors. So this is not only better for the business, but for the customer as well.

Overall, there are really no downsides to integrated card readers in businesses. Companies will be able to offer more convenience to their customers, increase sales, and capture important marketing information all with the help of some simple card readers.