Businesses have relied on payment processing for a long time – it’s the only way to accept credit and debit card payments, and without those terminals you’re missing out on a lot of potential profit. As such, it’s important that you install the right terminals in your business.
But technology is constantly changing, and in the world of payment processing things are no different. Today’s terminals are focusing on additional security and convenience to make it easier than ever for customers to pay – and for businesses to allow them to do so.
At the heart of this new evolution are two key payment methods that are already out there. If you want the best future for your business, we need to look at both of them.
Today’s credit and debit cards have a small chip on their face. These metallic looking chips are more than just a design element – they are replacing the older magnetic strips that are on the rear of cards. The reasons are simple: the new chip readers add much greater security for stores as well as for consumers.
In fact, this technology is so important that is now required under compliance regulations for virtually all payment processors. If you don’t have a terminal that accepts chips, you’ll be held liable for any fraudulent activity or transaction issues that occur at your business. That’s a huge risk, and it makes sense to make the upgrade today.
This is the future of payment processing, without question. Modern shoppers almost always have their mobile phones with them, and with this technology you can let them pay for their purchases by holding their phones over the terminal. It’s that simple, and adds a huge level of convenience to their life.
These are two simple upgrades that can reward your business in a huge way. By making it easier for customers to make purchases and pay for your services or products, and by adding extra security to the process, you’re ensuring that your business has all the tools needed to thrive in the future. It’s something well worth doing.
Posted in Payment Processing on Jul 05, 2016