5 reasons You Should Upgrade/Change Your Terminal
Your terminals are slow/time out
18% of those shopping online abandoned their shopping cart due to a slow checkout. Imagine how your customer is feeling while they wait uncomfortably at your checkout counter while their payment slowly processes. This is a tell-tale sign that your terminal is at its end. This may be due to outdated software, outdated, hardware, or network and security issues.
You don’t have all options of payment
Coming off from the Covid-19 pandemic, the payment industry drastically changed towards contactless ways of payment. Having more than just the magstripe swiping method is standard among today’s merchants/businesses. Giving the customer option of NFC, tap-to-pay with Apple Pay and Android Pay, and with the EMV chip, is a must in today’s customer’s expectations.
Your terminal isn’t secure
Having terminals that are up to date is important because security for your customers is your top priority. Your terminal at the minimum should be EMV compliant. This drastically reduces fraud threats and stolen card information. If your customer’s card has been compromised, the chances of them returning to your store are slim to none. Also, if you are not providing your customers with the EMV experience, your exposure for chargeback increases which increasing your financial liability.
Terminal has trouble reading cards
Trouble reading cards can also make the checkout process take longer. Swiping or inserting a customer’s card several times to complete the transaction is frustrating for them and yourself. It’s not a good look for your business if you must revert to manually entering their card information. In doing so, it is a security risk for their card as the manual method isn’t as secure as EMV, tap-to-pay, or mobile pay.
Along with the above reasons, you might also be stuck behind your counter because your terminal cannot move around your store as you can. Wireless terminals are widely used and desired within today’s merchant world. The terminal that your customers use daily shouldn’t look older than they are! People tend to feel safer when the equipment they see in a store is relatively new where they can essentially trust the merchant more.