If you have a brick-and-mortar store, you might not realize that people may be unhappy with your checkout process. Upgrading your payment processing terminals can be just what you need to improve the customer experience and improve your customers’ perception of your store.
Here are some signs it’s time to think about checking out the new payment processing terminals on the market today (because they’re way better).
1. Your payment terminals are slow/time out
Do customers really want to stand at the counter staring at you while your payment terminal processes their card?
Not likely.
But that might be the awkward situation you’re putting them in.
Outdated software, outdated hardware, network and security issues, and terminal damage can all cause a slow checkout process.
When customers have such a good impression of your store and your products up until this point, why would you want to ruin it with an awkward end to their shopping experience?
It sounds like it's time to buy new terminals. Those slow, outdated, clunky payment terminals that you’ve been using for 20 years don’t offer the experience today’s customers expect. The new smart terminals on the market today are way faster, so you can reduce the customer’s pain of paying as quickly as possible.
2. Your payment terminals aren’t secure
The customer put their credit card into your payment terminal.
Then, whoops...
You’ve had a breach, and their credit card info was stolen.
Now you have a crisis on your hands and your customers are definitely not happy with you anymore. In fact, you’ve probably lost a huge amount of business.
It’s time to update your payment terminals before a situation like this occurs. EMV or “chip and PIN” technology is way more secure than magnetic swipe. Credit card technology has advanced by leaps and bounds.
If your credit card machine is so old that it isn’t EMV compliant, then you’ll be on the hook for any and all fraud charges, which can add up quickly. If you are EMV compliant, you won’t be liable for fraudulent chip or swiped transactions.
EMV non-compliance fines can sink your company, too. A breach can destroy your reputation. It pays to take it seriously.
3. Customers can’t pay their way
Cash and credit cards are still popular payment methods. But now, we have Apple Pay and Samsung Pay. We have e-transfers. We have Alipay and WeChat Pay. We even have POS customer financing directly on the terminal now.
Your customers want to pay with these payment methods! At least some of them do. You might offer them online. So why not offer them in store, too? Make the customer experience consistent across all your sales channels and give your customers what they want: to pay their way.
4. All the terminals can do is accept payments
Sure, payment processing terminals are meant to do exactly that – accept payments. But today’s smart payment terminals like Poynt and PAX A920 can do that and so much more. They come with third-party apps, so you can add the features and functionality you want to your terminal, so you can run your business more efficiently.
For example, you can:
- Link the terminals to QuickBooks
- Add a POS system
- Build a loyalty program
- Manage employee schedules and time sheets
- Even download drink recipes!
Smart terminals also make reconciliation a breeze because receipts are stored in the device and can be pulled up at any time, from any device. That means you won’t have to spend hours chasing lost receipts anymore.
5. You’re stuck behind the counter
There is a time and a place for desktop credit card machines that are connected by an Ethernet cable. If you only take payments behind a counter, then it makes sense to use these machines. But so many different types of businesses can benefit from mobile and portable payment processing terminals.
If you want to be able to accept payments at customers’ doors, at festivals and conferences, or even in the aisle or outside your building, then you should consider investing in Wi-Fi and 3G-enabled terminals that give you the freedom to sell from anywhere.
