Operating a business in the digital age, no matter its size, has become. For one, there’s about as many ways to pay as there are different digital platforms, with mobile wallets and online markets only being two of the most popular trends. Secondly, card issuers and payment processing providers often take advantage of the confusion this flurry of developments in online payment solutions has caused.
If you’re not careful, and you don’t ask the right questions before signing a contract with a payment processing provider, your business could end up in hot water. Shopping for the right payment processing solution can seem like more trouble than it’s worth at the outset, but the cost of losing out on potential customers is much higher. 72 percent of Canadians as of last year own a credit card and are loyal to a loyalty rewards program… this means they use their credit card a lot.
Good thing there’s an innovative payment processing solution that won’t break your business bank! Want to know how to simplify your business and gain more sales? Read on for the solution that can do both.
Card Present Terminals
Card present terminals for point-of-sale (POS) offer diverse solutions, whether you’re a high-risk merchant or a mom-and-pop business that until the present has only dealt in cash transactions. Card present terminals can allow customers to complete contactless, chip and pin, and even magnetic swipe transactions.
Card terminals are an innovative payment processing solution because they allow the retail experience to become more streamlined and give customers multiple ways to pay. The following sections will detail the two major types of terminals: handheld and countertop.
Let’s say you’re a small restaurant at a busy intersection of town. You see a lot of customers come and go throughout the day, but your tight space has trouble accommodating the large crowd that builds up throughout rush hours. Handheld terminals are a perfect solution to this situation.
Customers can pay right at their table and with debit or credit cards, increasing their comfort and convenience while easily clearing up foot traffic to one cash register at the front of your restaurant. Your restaurant will also be able to grow its revenue via a delivery service, enabling customers to pay at their front door.
Other businesses that benefit greatly from handheld terminals are automotive repair shops and transportation companies, both of which also deal with a lot of movement throughout a regular workday. Handheld terminals increase speed of service and allow you to serve a higher volume of customers.
Countertop terminals are a great payment processing solution for businesses working in retail, quick-serve, car dealerships, boutique hotels, and beauty services. While your stations for countertop terminals are fixed, offering the ability to make contactless transactions will ensure speedy checkouts. Many customers prefer wave-and-pay transactions today over chip and pin ones, because there’s no time lost trying to remember pin numbers and payments are processed within seconds.
Of course, not all your customers will have cards that are updated with RFID tags for contactless transactions, so you’ll probably need at least chip and pin capability as a backup. Some customers still use magnetic swipe cards, but the majority have switched over to chip and pin.
Think you need some help determining the best setup for your business? BNA Payments has been helping both high-risk merchants and merchants who aren’t sure about how e-commerce works find their custom solution. Their experts offer all-in-one pricing that is transparent and won’t leave you hit with any mysterious extra fees.