Nobody likes change. That includes small to mid-sized business owners who already have enough challenges to overcome. Nevertheless, conditions evolve over time whether we like it or not, and some of these changes are not necessarily bad. A case in point is the recent shift toward smart payment terminals.
What are smart payment terminals?
Modern credit card equipment has changed a great deal in recent years. For it to qualify as current, these devices should come packed with features including the following.
- They should be able to process debit and credit cards with EMV chips for added security.
- They should have near-field communication (NFC) capabilities that allow you to accept payments from digital smartphone wallets or wearables like smartwatches.
- Ideally, they should feature software that will help you more easily manage your employees, customers, inventory, and chargebacks.
Now that you know what features smart terminals possess, it’s time to consider the advantages one of these modern devices can bring to your business.
Why you need to upgrade your credit card systems.
There are five excellent reasons why you need to do so.
1. You are behind the times if you don’t. Since the payments landscape has changed so much, your legacy systems are more likely to operate at a snail’s pace, go down frequently, or fail to accept certain types of cards. That translates into disgruntled or even lost customers for your business.
2. Modern systems lead to greater efficiency and cut down on long lines at the checkout counter. This is particularly true for merchants who accept contactless payments, which allow customers to place their smartphone or wearable device near a card reader equipped with NFC technology. Thanks to the interface between their digital wallet and the merchant’s reader, sensitive payment information can be transmitted quickly and securely within seconds.
3. Some old-school systems are not compatible with the more secure EMV chip technology that is now required. Remember, as a merchant, you will be held financially liable if a fraudulent transaction occurs on one of your systems that is not EMV compatible.
4. Failing to remain current when it comes to your payment processing equipment can lead to disappointed customers. Today’s buyers are accustomed to instant gratification, as well as being able to buy products and services using their preferred payment methods. If your system is antiquated and does not deliver, they are quite likely to take their business elsewhere.
5. Finally, your upgraded terminal is a business powerhouse filled with capabilities that enable you to monitor and reorder inventory, track sales, and generate reports. Better still, since these systems are connected to the cloud, they offer a higher level of security than do terminals kept at a brick-and-mortar location.
Getting rid of the old in favor of innovation can be scary and daunting. However, moving along with the times by updating your terminals to smart ones may well be one of the best business decisions you ever make.