As a business owner, you are looking to make a difference for your customers by improving their experiences working with your company. By storing your customers’ credit cards on file, you can save time and also help them to feel more secure by keeping payment methods on your system for reference later.
Here are some reasons why you might want to consider storing clients’ credit cards for future transactions.
It allows you to recharge a card
With older technology, it wasn’t possible to make multiple transactions without rerunning a client’s card. You would have to make a phone call or reach out through email, which also could cause issues with security if information was not encrypted. Not only can this take up a lot of time, but it can delay any cash flow that you might receive to your business’s bank account. When you already have cards on file, you can recharge a customer’s card in no time and without having to bother him or her about repayment.
It allows you to increase your security
As security becomes more and more important to businesses and more information is stored online, it can be important to know that your small company has put extra measures in place. A smart terminal can be one of the best ways to minimize the risk of any credit card fraud when conducting payments.
With a virtual terminal, all of the information you run through it is encrypted, and making payments through ACH account information or a debit card is just as simple as running a customer’s card. Even accessing account information can be as simple as looking up a customer’s name. A smart terminal also allows you to store a number of payment methods per client, which can be helpful if he or she plans to make a big purchase or has a reoccurring payment.
It’s likely that the importance of security will become more and more important as technology takes over businesses’ operations, and storing a credit card allows you to be at the head of the game when it comes protecting essential data.
It allows you to decrease the amount of storage you use
When you don’t keep all of your important information online, then you can find yourself quickly running out of physical space to store important documents and records of your clients’ purchases. An integrated system allows you to keep everything in place while also saving crucial space in your office. Because you can keep a number of records online with a virtual terminal, it makes sense to keep credit cards in one location instead of having to dig through months’ or years’ worth of files. Not only does this make it easier to repeat transactions, but it allows for a more comprehensive and organized system for your business.
In conclusion
As credit card processing becomes smarter with virtual terminals and payment processing software, it might be worth considering for your small business. In order to save time and maintain customers loyalty, storing credit cards on file can make transactions simpler for both you and your clients.