Although some Americans use cash for purchases, many others use debit and credit cards. Thus, you’ll lose customers if you don’t accept cards. To process cash alternative payments, you’ll need a card reader for small business organizations. FLO Business Solutions can help you find the perfect solution for your needs.

Payment Processing Companies Provide A Card Reader For Small Business Owners

Generally, card readers are specific to a particular payment service provider (PSP) and are not interchangeable. Thus, when searching for a credit card machine, you’re also looking for a good payment processing company. As you sift through your options, consider the requirements of your business to choose the best one.

1. Accepted Payment Forms

Credit cards may use one of 3 different types of security technology to store and encrypt information about the user:

• Magstripe
• EMV/Chip cards
• Contactless

Moreover, an increasing number of consumers are paying using a digital wallet like Apple Pay or Google Pay. These software applications store your payment information on your smartphone eliminating the need to carry your credit card. Most digital wallets use NFC (near field communication) that allows 2 devices to connect and transfer information.

2. Fee Structure

Payment processing companies may charge a flat fee for each transaction or a monthly subscription plus transaction fees. Furthermore, the amount of fees varies by company. While choosing the cheapest may seem sensible to maximize savings, you need to consider other factors.

3. Support

Technology is a wonderful thing when everything works properly. When it doesn’t, you need to talk to a real person right away who can help you solve your issue.

4. Transaction Speed

A few seconds may not seem like a big deal when you have 1 or 2 customers. However, multiply this time over a long line of customers. Then, the person at the end of the line ends up waiting several minutes. Since 79% of consumers will leave the checkout line after waiting 5 minutes,  you want credit card transactions handled quickly.

5. Security Features

Credit card fraud amounts to millions of dollars and most occur from crooks stealing information remotely. Choosing PCI products that provide encryption and tokenization to keep consumers’ information safe.

6. User Friendliness

The credit card scanner must be easy to use whether your customer needs to swipe, insert, or tap.

7. Funding Speed

Once you complete a transaction, the payment processor may take 1-3 business days to transfer the money into your account. The fastest funding time allows you to optimize your cash flow.

8. Scalability

Usually, when you start your business, one card reader can handle all your transactions. Yet, as you grow, you’ll need multiple payment terminals. Not every payment processor offers solutions as your business evolves.

9. Analytics

A card reader with integrated analytics can simplify your marketing efforts. For example, you can customize promotions and track the effectiveness of your coupons with sales data.

10. Reputation

Any company can promise fast funding, excellent support, and competitive fees. However, the best companies will have reviews from satisfied clients to back up their claims.

Card Reader For Small Business – FAQs

Which card reader for small business organizations is right for your company? The experts at FLO Business Solutions can help you navigate the choices to pick the right option for you. Below, we answer a few commonly asked questions about payment processing options.

What Are Some Types Of Credit Card Machines?

Usually, you’ll find a variety of credit card scanners with a wide price range:

• Countertop – Located in a fixed position, usually a countertop facing the consumer.
• Mobile – A small portable device with a swipe or chip reader that attaches to a smartphone or tablet.
• Virtual – E-commerce processor allowing the ability to process payments remotely.
• POS integrated – Connects payment processing to other business functions like inventory, sale tracking, and rewards program monitoring for simplified business management.

Choosing the best one depends on your business needs and budget. At FLO Business Solutions, we have many different options to meet the specific needs of your company’s operations.

Do I Need To Buy The Hardware To Process Credit Card Transactions?

A few companies will give you a free credit card scanner, but it’s usually a simple magstripe swiper. For example, the no-cost Square reader can’t accept EMV or contactless transactions.

Unfortunately, the cheapest option may not be the best solution for your needs. In addition to causing inconvenience to your customers with limited card acceptance, you may experience connectivity problems. These issues can lead to frustration and lost sales.

Is There A Difference Between A POS And Card Reader?

Yes. A credit card machine only accepts electronic payments from credit or debit cards. However, a POS offers integrated features to manage all aspects of a business:

• Employee staffing
• Sale tracking
• Inventory
• Loyalty program monitoring
• Analytics and reporting

By streamlining and consolidating operations into one system, you can automate and increase operational efficiency saving time and money.

How Do I Find A Great Payment Processing Company? 

For over 20 years, FLO Business Solutions has been supplying businesses with solutions to help manage operations more successfully.  Our customers choose us over the competition due to our outstanding customer service qualities:

• Price lock guarantee
• You can talk to a real person to get workable solutions
• Easy-to-read and fully transparent agreements
• Seamless integrations
• Private label and card issuing service
• Onsite installations, hardware, and software support
• Next-day funding

Why not book a free demonstration to see firsthand the power of our systems? Call us right now at 803-887-7356 to begin a conversation about how we can help you process payments.

Many types of businesses need to maintain a supply of products to sell. Even some service-based industries like restaurants need to manage an inventory of ingredients to create their menu. Controlling the flow of resources is critical to the success of any company. FLO Business Solutions can help you with a comprehensive inventory planner.

The Importance Of Good Inventory Management

All products have a life cycle. It begins with its introduction to consumers, continues to the height of popularity, and ends with its decline. Additionally, some products have expiration dates. An efficient inventory management software system will keep track of the demand patterns and viability of all your goods.

Fundamentally, maintaining the optimal level of inventory is crucial to the success of your company. Out of stock items may cause customer frustration. Your customer may request a cancellation and never buy from you again. On the flip side, too much stock results in higher warehousing costs. In addition, you risk depreciation of the unsold products.

Ultimately, correct inventory management touches every part of a business:

• Eliminates out of stock items
• Creates satisfied customers with timely delivery
• Reduces over-purchasing
• Frees up cash
• Minimizes storage need
• Decreases business losses

Inventory Planning Begins With A POS

Keeping track of the coming and going of your products is the basis of an inventory planner. This system takes existing data and forecasted sales to create a strategy to maintain an optimal amount of product. It involves several steps:

1. Analyzing Sales Data

Often, business will experience busier than normal times. For example, many product-based companies see an increase in sales in the days leading up to the holidays. Furthermore, some products become best sellers while others fail to generate interest.

2. Creating Demand Forecasts

As you analyze sales data, you can identify trends in demand to forecast required inventory.

3. Picking Suppliers

Ultimately, you want to form long-term strategic business partnerships with companies that will strengthen your company. Carefully consider the following factors when picking suppliers:

• Cost
• Reliable delivery times
• Material quality
• Reputation

4. Establishing Storage Capacity

No matter the size of your company, you’ll have a limited amount of storage space.

5. Evaluating Data And Forecasts

Inventory planning is dynamic and will need constant revisions due to consumers’ changing tastes and fluctuating economies.

6. Keeping Abreast Of Innovative Solutions

Emerging technology can automate and integrate processes to make running a business simpler.

The Best POS System

The best POS (point of sale) can manage all these tasks simply and efficiently. Plus, you’ll get data in real-time for accurate up-to-the-minute information. Then, you’ll be able to minimize the risks for making inventory errors. Furthermore, you’ll be able to capitalize on changing conditions and situations.

Moreover, a POS can integrate other business functions into one system. This allows you to manage virtually every aspect of your business:

• Inventory management
• Sales
• Accounting
• Employee time management
• Reward program monitoring
• Analytics and reporting

FAQs About Inventory Management Systems

Are you ready to take control of your inventory, but still have questions? Below, we answer a few frequently asked questions. If you have others, give us a call at 803-887-7356.

What Is The Difference Between An Inventory Planner And A Demand Planner?

Both are part of an inventory planner system. Demand planning involves forecasting future sales while inventory management relates to controlling existing stock on-hand.

Inventory Planner Pricing: How Much Will It Cost?

Several variables will affect the cost of an inventory management system. For example, do you want a warehouse management system or integrated POS? Will you need to manage shipments from different suppliers? What type of inventory security management system do you want?

When you partner with FLO Business Solutions, we work with you to find the best options and solutions.  We offer a full portfolio of services and can tailor a system to meet your specific needs:

• Credit card machines
• POS systems
• Inventory management systems
• Tax credit services
• Cash discounting
• Referral/Partner program
• HR & payroll
• Marketing

In addition, once you sign a contract with us, we lock in your fees for the life of your account. Thus, you’ll never experience a price increase. Plus, after processing your transactions, we send you your money the next day.  We can even offer you same-day funding for an additional fee.

Furthermore, many businesses can bundle our services at deep discounts. Sometimes, our package offer qualifies you for services at no cost. Of course, we also offer financing for both hardware and software.

Is A POS Hard To Operate?

Our systems are very user-friendly and we offer a free demonstration to show you how easy it is. If you find a POS system hard to operate, so will your customers.

How Do I Choose The Best Inventory Management System?

Admittedly, many inventory management systems options exist. Choosing the right one can help grow your company while the wrong one may ultimately cause bankruptcy. While cost is an important factor, customization and support are critical.

Ultimately, even businesses in the same industry are different from one another. Thus, you need custom and not one-size-fits-all solutions. Accordingly, we take the time to listen to you to discover your needs to find the perfect solution.

Finally, support is one area you need a dedicated team. Glitches and problems can crop up and when they do, you want a person to help you. At FLO Business Solutions, you can always talk to a real person.

Ready to start a conversation about how we can help you? Call us at 803-887-7356 to begin the process.