Last Updated on May 20, 2021 by MoneyVisual
According to statistics, 70 percent of consumers in the United States prefer paying using credit cards over cash payments. This figure is critical for business owners since it speaks about the importance of having an efficient point-of-sale (POS) terminal system for processing credit card payments.
If you are still using a traditional POS machine in your retail store, it is time to switch to a smart terminal for payment processing. Unlike conventional card machines that merely accept payments and leave you with multiple card transaction-related tasks that you need to do manually, a smart POS terminal is capable of carrying numerous functions beyond processing credit and debit cards.
To help you find a smart terminal that is truly beneficial for your business, make sure to look for the following features:
Technology evolves at a fast pace. An “innovative” device today can be outdated in a year or so. Moreover, spending habits of consumers also change continuously and become more reliant on mobile technology. As such, you must choose a smart terminal that is adaptable and versatile.
Find one that does allow you to process not only all payment types such as MSR, EMV, NFC, cash, and gift cards but can adapt to other payment types that may be developed in the future as well. Relying on an adaptable terminal means you can use your investment for a long time.
Find a smart terminal system that can be integrated into different applications to make accounting, reporting, and other business transactions hassle-free. Instead of doing things manually, you can simply connect to an existing app and generate reports, compute your taxes, or do multiple operations instantly.
A reliable smart terminal does not only allow you to process payments efficiently but also lets you access all transactions and generate reports in real-time using a mobile device. With this feature, you can manage your business at all times, wherever you are for as long as you have internet access. Think about it as you no longer have to close up shop when you are on vacation or be anxious about the business if you need to be away.
It is also critical to choose a technology that allows the capture of an electronic signature rather than manual signing. Apart from reducing transaction costs (e.g., receipt paper and storage expenses), e-signatures are more convenient and more secure than paper-based signatures, which are prone to damage and fading.
Security is another critical feature that you should look for in a smart terminal system. To ensure the utmost protection of your customers’ credit card data and all card processing transactions, make sure that the smart terminal you are considering to purchase fully conforms to payment card industry (PCI) standards.
Look for a smart terminal that allows you to ask quick questions to your customers before they checkout. The responses you will gather can significantly help your business in many ways.
For one, you can measure your performance as you determine commendable areas and aspects that need improvement. Secondly, you can channel your improvement efforts in specific areas that will improve customer experience. And lastly, it can help build your brand image since this functionality shows that you value the opinion of your clients.
The items mentioned above are the key features you need to watch out for when choosing a smart terminal for payment processing. Find a reputable merchant service provider that offers this technology and more so that you can save time and energy to focus more on other tasks that will help grow your business further.