Top payment technologies SMB owners should not ignore
As technology advances and becomes less expensive, small and mid-sized businesses (SMBs) have more opportunities than ever before. It’s possible for a startup or an SMB to operate with minimal resources and still take a fair share of the market through innovation. Yet, one way to lose upward momentum fast is to ignore important technology issues, especially when it comes to payments. Let’s take a look at the top five payment technologies SMB owners should never ignore.
1. NFCWith so many payments systems to choose from, you want to make sure you have one that allows your customers to pay the way they want. Mobile wallets like Apple Pay® and Google WalletTM allow your customers to pay at the point-of-sale simply by bringing their phones in proximity of a Near Field Communications (NFC) enabled POS terminal. NFC technology gives your customers another way to interact with your business through their smartphones and opens the door to the world of mobile payments. It’s not just about customer preference, but about security too. NFC transactions are validated by a chip in the phone or functions in the cloud that help give them a unique digital signature.
2. MobileNo merchant is too small to provide mobile payments. Now, even the smallest of merchants can buy a tablet, download an app, and start accepting payments—thereby replacing the traditional cash register and payment terminal. While smartphones are almost synonymous with mobile payments, that’s not all that mobile entails. Having a fully mobile payment platform also allows you to bring the point of sale to the customer – for example, on the store floor or tableside. It might also mean running your business more efficiently, by having access to view payment data and manage payment activities from the office, home or even on the go. Mobile is about the purchase experience, so a mobile payments platform gives you and your customers more mobility.
3. EMV®EMV technology reduces payment card fraud mainly by making it virtually impossible to create counterfeit cards, and by requiring cardholder authentication that verifies that the card belongs to the person using it. By implementing EMV technology you’re creating a win-win for both your business and your customers. Once the October 2015 liability shift occurs, merchants who use a chip card reader to process transactions when a chip card is presented limit their potential liability. Your customers will appreciate that you’ve taken steps to use the latest card technology to combat card-present fraud.
4. Data ProtectionIf you accept credit cards, online or offline, you should comply with the PCI Data Security Standard (PCI DSS). It’s an ongoing process, and it impacts all areas of your business. But it doesn’t stop there. Make sure your POS system uses tokenization technology, whereby a unique token replaces the card number to complete the transaction. This helps ensure there is no actual credit card data for thieves to steal and prevents the storage of full credit card data. Combine that with end-to end (E2E) data encryption, which protects data in flight by masking the full credit card number with meaningless characters so full credit card data is never clearly visible to thieves. Compliance with PCI DSS along with quality tokenization and encryption methods will show your customers that you’re playing your role to make sure their payment card data is kept safe.
5. Data AnalyticsYou have more cardholder data than you know what to do with. You could spend a lot of time and attention trying to find a needle in a haystack, or you could use data analytics to come up with an actionable business plan. Data analytics helps you better understand and track your customers’ purchasing behavior so you can improve your business offerings and drive customer loyalty. It helps you enhance your customers’ experience and engage with your most valuable customers. The insights you can derive from data analytics can help you increase operational efficiency, craft long-term strategies, and benchmark against your competitors. It allows you to work smarter, not harder, so you can focus on what matters – your business.
So there you have it, the top five payment technologies SMB owners should never ignore. For more information about we can help your business make the most of payment technology, contact us.