Upgrade credit card processing equipment and sell more this holiday season
Your credit card processing equipment shouldn’t just be a line item on your business expense ledger – it should be a way to help your company grow and bring in more revenue. Below we review three ways that payment processing equipment can position your business to have a best-ever holiday shopping season this year.
Consider tablet-based POS systems
Some of the largest and most successful retail shops in the country are leading the way in having tablet-based POS systems in their locations. This means that sales associates are each armed with a tablet containing a payments system, a UPC scanner and a credit card/mobile device reader. Tablet point of sale systems are showing up more and more in smaller stores as well. There are many potential benefits to tablet-based POS systems, including:
- Reduce queue time. Especially during the busy holiday season, customers are impatient and don’t have time to wait around in long lines. Don’t risk losing customers who become overwhelmed when they see your checkout queues.Tablet-based POS systems allow each of your sales associates to quickly check out customers.
- Close the sales loop more quickly. Since a sales associate comes right to customers on the salesroom floor, your associate can close the sales loop more quickly. The associate simply scans the barcode on the item, completes the sale in a couple taps and swipes on the touchscreen and the customer provides his or her desired payment method – card or mobile. A receipt is immediately emailed to the customer for his or her records.
- Improve your customer service. Today’s customers appreciate efficiency and accuracy when it comes to the sales process; offering tablet-based point of sale systems allows your staff to provide up-to-the-minute, in-depth product information right there on the salesroom floor. And, if you don’t have an item in stock, your associate can quickly check another location’s inventory right there on the tablet. Tablet-based point of sale systems allow your staff to help get customers in and out, and on with their busy days.
Be ready for mobile payments
The number of shoppers who expect to be able to pay using their smartphone at merchant locations is steadily increasing. According to research from Alliance Data, 84% of Millennials use their smartphones while shopping in-store to assist in their product research and purchase. Here are some of the various activities that Millennials are doing with their smartphones while shopping at brick-and-mortar merchant locations:
- 65% use their smartphones while they are waiting in line to make a purchase in a physical retail location.
- 53% use a smartphone to search for discounts or coupons while shopping in-store.
- 34% use a smartphone to look up product reviews while shopping in-store.
Using their smartphone to pay for goods and services is another increasingly popular activity among shoppers of all demographics. Research from the National Retail Federation and Forrester has shown that 76% of U.S. retailers expect to take Apple Pay by the end of 2017 and 59% expect to take PayPal in that same timeframe. Stay ahead of the curve when it comes to mobile payments, and make sure your credit card processing equipment has been upgraded to accept this increasingly popular payment format.
Upgrade to EMV technology
Research from the National Retail Federation and Forrester has also revealed that 76% of retail CIOs and tech executives identify EMV as a top-three payments challenge of the moment. One of the major current challenges related to EMV is that payment providers haven’t been able to certify new POS devices quickly enough to keep up with terminal shipments. Therefore, many retailers have EMV equipment in their stores that hasn’t yet been activated. Don’t find yourself left out in the cold this holiday shopping season. Instead, work with your payments processor now to get your EMV payments system in-store and activated. Fail to have the requisite technology in place, and risk being financially liable for certain types of fraudulent purchases.