5 Payment Technologies to Put on Your Radar
We all get busy – especially when balancing the many tasks associated with running a small business. From staffing to inventory, day-to-day needs can often push “nice to have” items to the bottom of your to-do list.
While it may seem OK at the time, delaying upgrades or the installation of new technology may hurt you in the long run. Make sure the following five payment technologies are on your radar as you prioritize plans for the coming year.
- Chip cards. In the wake of the October 2015 liability shift, the risk for accepting a counterfeit chip card transaction now falls on whomever is least chip enabled in the transaction stream. So if you haven’t yet made the transition to a chip ready terminal, and you accept a chip card that turns out to be fraudulent, you are out the cost of the merchandise purchased and any subsequent costs. Many merchants who took a wait and see approach are now struggling with increasing chargebacks and costs associated fraudulent chip card transactions.
- NFC. Near Field Communication, or NFC, is the technology that allows you to accept payments via digital wallets like Apple PayTM and Samsung Pay. With mobile payment on the rise, and the availability of NFC in new chip-enabled card terminals, giving your customers this new way to pay is easier than ever.
- Security. As the chip card rollout drives fraudsters out of the card counterfeiting business, crooks are expected to turn their attention to new schemes, and that could mean hacking into your payment network. If your network is targeted, don’t let hackers get away with anything useful. Encryption and tokenization help businesses turn payment card information into numbers and characters at the point of sale, making the information worthless to hackers. Even if they get in, with no way of translating the encrypted information back into useable card and account information, the ill-gotten goods are useless.
- Tablet POS. More than a credit card terminal, tablet POS systems allow you to accept payments and compile key operating data. Many of the new systems allow you to track cash sales, inventory and other key business metrics. Unlike traditional cash registers and terminals, tablets are moveable, allowing payment acceptance beyond the traditional sales counter.
- Ecommerce. Growth in online commerce makes opening a virtual storefront for your business very appealing. Before making the move online, plan ahead to help ensure success. A few things to consider are:
- Define your niche. Decide on what you are selling, how and to whom.
- Put together a plan. Construct a solid business plan to set budget and focus.
- Build a strong technology foundation. Your website and shopping experience must be user friendly and include the latest ways to pay.
- Use social media. Include social media elements within your shopping experience and allow customers to review your products and services.
- Watch for fraud. Just as you do in the brick-and-mortar world, follow best practices and adopt the latest technology to protect your customers and your business.
TSYS Merchant SolutionsSM offers tools and guidance for adopting all of the above technologies, and more. If you’re interested in more information, contact us online or give us a call at +1.800.228.2443.