Accepting Credit Cards Using Consignment Software
Best Consignment Shop Software is integrated with MicroPay Card Services for convenience and low-cost card processing.
With BCSS just swipe a card or enter the card number using the keyboard. The amount of the sale will be taken from the software invoice, eliminating the step of having to manually enter the amount (except when payment must be split between forms of payment like cash or check).
BCSS itself is not involved in card processing and does not store credit-card information, so it does not need to be included in PCI Compliance considerations.
The program does keep track of the type of card used (Visa, MC, etc.), making it possible to generate reports of payment methods by card type.
A notice is presented if a card fails. This helps to prevent mistakes and theft.
Benefits to Consignors
Accepting credit-card payments of course increases sales by expanding the ways in which payment can be made. These days buyers are taken back if their cards are rejected, and sales are lost as some shoppers may not have or prefer to use other methods of payment.
Benefits to Buyers
Shoppers at your store are the biggest beneficiaries of credit-card payment. They don't have to carry cash so there's an element of security. The transactions are recorded and reported to them so there's a record of their purchases, making it convenient at tax time to consolidate purchases. With credit cards (as opposed to debit cards) they can 'pay later', effectively financing their purchases and increasing their purchasing power. They don't have to wait for change or make sure correct change was made. With the new 'chip cards' replacing magnetic-strip cards, there will be more protection against credit-card identity theft.
Ultimately for many shoppers the big incentive for using credit cards is travel/reward points. Shop owners are often unaware that by accepting these 'high-end cards' (as defined by VISA), 1) the cost is double to process such payments and 2) the cost falls back on the shop, which explains why the actual monthly cost of accepting cards is double that of the rate quoted prior to signing up for the card service.
Get started with software and credit-card processing for a minimal amount!
With BCSS Consignment Software there is no large up-front outlay and there is no ongoing never-ending monthly 'subscription payment'.
With MicroPay credit-card processing there is no application fee, no contract or termination fee or any other 'fee' to get started.
BCSS uses a simple $77 USB card reader. There is no pinpad. (Debit cards are swiped as credit cards at a lower processing fee.) The reader is EMV-compliant and does not need to be upgraded for the new smart-payment (chip, IC) cards.
Credit-Card integration with BCSS and MPCS is just $19.95 per month (discounted to $14.95/month for 6 months with new purchases of BCSS). The minimum monthly for credit-card processing is $25 making the minimum monthly cost $44.95. (At 2.5% in processing fees, a store only needs to process $1800 to meet the minimum.)
Share the Cost
Operating a consignment store is somewhat of a partnership between store, consignor and buyer.
If you're just starting out as a store owner, you're finding plenty of investment of time and money is required long before opening the doors: finding a location, negotiating a lease, arranging for utilities, phone and Internet, buying equipment of all sorts, hiring/training help. Consignors and buyers won't be participating - much like the Little-Red-Hen story.
Consignors will bring their merchandise which will often be ill prepared for presentation in the store. You might iron, patch, sew, buy hangers and shelves, tag and display. Asking consignors to pitch in risks diminishing their willingness to be a part of this 'partnership'.
Likewise, buyers are on the hunt for great bargains. You'll find that some of them won't be happy until they've beaten the price down to one that makes it unprofitable to remain in business THEN they'll whip out their travel card so as to earn travel miles - at the shop's expense.
Who will help me eat the bread?
After providing the capital to launch the venture, after doing all of the leg work/paperwork and labor, stores also shoulder the cost of credit-card processing. It's not too much to ask each consignor and each buyer to pitch in with a few cents each to share in this cost.
In BCSS low percentages can be set to be deducted from settlements of credit-card sales (only). Another percentage can be set to be added to credit-card purchases (only).
Example: A store with 100 consignors and 100 buyers paying 2.5% in credit-card cost (including the $19.95) with $5,000 in credit-card sales would have a monthly credit-card cost of $125. Dividing $125 between 200 customers equals 63c per customer.
And the final touch: Any consignor or customer objecting to supporting the store with a 63c contribution can be excluded by marking his/her record as 'exempt'.