The payments industry has grown significantly within the past several years and has introduced many new forms of payment technology and solutions. From mobile payments to EMV technology, payments are becoming more advanced and secure. As a retailer, it is imperative to have the right payment solutions in place so that your business stays competitive, is able to accept payments quickly, and has the latest payment security features available.
Let’s take a further look at some of the main forms of payment technology that retailers should invest in for added protection and efficiency:
Now that the liability shift has passed, any retailer that experiences a breach and does not have EMV-compliant solutions will be held fully responsible in an instance of fraud. Experiencing a data breach could cost your retail business hundreds, if not thousands of dollars, in costly fines and fees. To prevent this from happening, it is imperative to upgrade to EMV-capable products and solutions. Installing EMV-capable terminals will allow your retail business to accept chip cards while reducing chargebacks.
Cloud POS System
Having a modern Point-of-Sale (POS) system is essential for retailers who are looking to improve productivity and gain valuable insights to monitor trends and transactions. Cloud-based POS systems have become popular as they offer reporting features, the ability to view analytics and data, and inventory management. On top of all this, cloud-based POS systems store all data and information on a cloud server – making it an ideal solution in case of a hardware crash since all information will be saved and accessible via the cloud.
Mobile payments are ideal for retailers that are on-the-go. With mobile payments, retailers can swipe card payments, receive authorizations, and e-mail receipts instantly from any location possible. From tablets to mobile card readers, retailers now have the capability to take their business to a new level and accept payments beyond a traditional brick-and-mortar store. In fact, a study conducted by PPRO Group found that during 2016, around 38 million transactions were made using mobile payments. As mobile payments continue to rise, retailers should consider adding mobile payment capabilities to their business.
Mobile wallets, such as Apple Pay, Android Pay, and Samsung Pay, have become a leading form of payment technology within the past several years, especially among younger generations. In order to accept mobile wallets, retailers will need to install a compatible card reader that accepts Near Field Communication (NFC). NFC technology allows consumers to pay using their smartphone device via a mobile wallet instead of traditional cash or card. With payments continuing to veer digital, retailers need to make the investment of adding card readers that accept NFC technology in order to process mobile wallets.
With so much competition amongst businesses, it is crucial for retailers to upgrade their payment solutions so that they can accept the latest forms of payment technology. By implementing EMV-capable solutions, installing cloud-based POS systems, and accepting mobile and contactless payments, retailers will be well on their way towards a successful and profitable future.
At SignaPay, we offer customized payment solutions so your business can quickly and easily begin accepting payments. Our wide variety of payment processing solutions is ideal for businesses of any size, giving you more options to serve your customers. Learn more about our solutions at www.signapay.com