5 trends shaping how you use credit card processing machines
Both consumer- and technology-driven changes in purchase and payment are showing themselves at more points of sale across the world of commerce. These changes are showing up in how your business uses credit card processing machines, as well as the very form of credit card processing machines you use. Here's a quick look at five changes re-shaping the landscape.
1. Online acceptance moves to in-store acceptance
Think PayPal—that one-time online only payment is increasingly available for in-store purchases. One way this works is that your customers use the PayPal mobile app to sign into their account and pay for their goods or services before ever arriving at your store so they can skip the checkout line altogether. Or, you can allow your customers to select PayPal as their preferred payment method on the customer-facing touchscreen on your POS terminal.
Customers are confident using a trusted payment type. They also like that your business never needs access to their sensitive payments data to complete the transaction. You could see a boost in sales from shoppers who are familiar with PaylPal (and other similar providers). Just as shopping experiences are moving across channels, so to today are payments and payment types with options such as PayPal increasingly migrating from online only to in-store and the on-the-go as well.
2. Mobile payments acceptance
Mobile payments are on the rise among consumers of all demographics. More and more shoppers expect to pay for everyday purchases using smartphones or other smart devices, such as smartwatches, e.g. Apple Watch. You may want to consider implementing a reader for contactless/mobile payments acceptance on your credit card processing machines.
3. EMV chip card acceptance
This chip card "trend" is closer to horizon shift than a trend, but it's got merchants actively making the transition to EMV chip card acceptance at their POS terminals. Adoption of chip card acceptance, and upgrading to EMV reading terminals, started growing before the October 1, 2015 fraud liability shift in the US merchants and continues on an upward pace. Credit card processing machines that are EMV-ready accept dipped, versus swiped, payments where the chip-bearing card is actually inserted into the credit card processing machine. With EMV cards, the customer “dips” the card into your POS terminal and leaves it there until the transaction is complete and the touchscreen instructs him or her to remove the card.
Already in widespread use in Europe for years, the EMV chip cards contain an embedded computer chip that generates a unique set of data for each transaction, making it nearly impossible for intercepted processing data to be used successfully in subsequent transactions. Most importantly, they make it virtually impossible to duplicate a chip card for subsequent fraudulent presentation at the point of sale.
4. In-store tablet-based POS systems
Among many merchant types, tablet-based POS systems are becoming popular types of credit card machines. In the traditional retail setting, sales associates can take the tablet to wherever customers are on the showroom floor, helping them check out quickly or obtain more detailed product or inventory information. In the table-service restaurant setting, tablet-based POS systems that are permanently affixed to each table are becoming an increasingly popular self-service experience in which diners can order another round of drinks or pay for their tab at their convenience.
5. On-the-go mobile POS systems
Another application of tablet-based POS systems are those that run on a tablet or smartphone and a merchant can use to accept payments on-the-go. Mobile POS systems are helpful for companies that do business in the field, such as vendors that sell at craft fairs or trade shows or food truck vendors. Mobile POS systems allow you to expand your customer base and make more sales with those consumers who are accustomed to paying with credit and debit cards.