The EDC machine revolutionized the way transactions were carried out. By allowing sellers and customers to pay using a credit or debit card, it eliminated the need to carry cash on a person every time someone went shopping.
Today, the EDC machine has become commonplace with both major retailers and small shopkeepers using it to enable digital payments for the sales they make.
In this article, we will look at EDC machines in general and understand how it helps simplify transactions and helps businesses expand in size and scope.
What is EDC Machine Full Form?
EDC machine full form stands for electronic data capture machine. It is commonly known as a credit/debit card swipe machine and is used to complete transactions either via swiping or dipping a card in the machine. Today’s EDC machines have evolved to even allow payments via QR codes that help customers pay via digital wallets further expanding the usability and practicality of the machines.
Let’s now have a look at the various benefits of using an EDC machine for your business!
Secure and Convenient Payments
EDC machines offer a much more secure and convenient payment process compared to cash-based transactions. The machines are end-to-end encrypted which offers stellar protection of a consumer’s financial information and prevents any unauthorized person from snooping in while data is being transmitted.
Accept a Variety of Digital Payments
Not just credit or debit cards, the machines are fully capable of accepting payments via Bharat QR code. Moreover, they can also accept cash via contactless payments where the card’s data is read through NFC and doesn’t require swiping or dipping the card in the machine, as long as the card’s WIFI feature is enabled.
Enhanced Customer Experience
Since swipe machines are much faster at completing transactions compared to dealing in physical currency, it offers a better checkout experience for the customers. Moreover, after the pandemic, customers prefer contactless payments compared to cash-based transactions.
Easier Management of Accounts
Digital payments leave a trail that makes it easier to track sales. By allowing for easier tracking of inflow and outflow of cash, businesses can better manage their finances.
Counting and safely storing cash requires additional personnel to be hired, which increased overhead costs for the business. Compared to that, digital transactions taking place through a swiping machine don’t require cash to be counted or stored since money is credited directly to the business’ bank account.
Increase Sales and Revenue
When people transact using cards and not cash, they are likely to spend more. This is because credit cards increase the purchasing power of an individual by allowing them an interest-free period of up to a month. Moreover, consumers can convert any expensive purchases into affordable EMIs so they are likely to make higher-value transactions using their cards.
As you can see, an EDC machine comes with a host of benefits that aren’t available when strictly dealing in cash. Therefore, if your business has still not embraced this technology, it’s high time to put an EDC machine to work and watch your business grow by leaps and bounds.
They are convenient, secure, and allow a business to reach a bigger consumer base that prefers to pay via digital modes and not cash, thereby increasing the overall revenue of the business!