If you have a brick-and-mortar store, you might not realize that people may be unhappy with your payment experience – and that can cost you sales (more on this later). For now, here\u2019s a fun fact – the first credit card reader was created in 1979, and the majority of terminals today still use that original technology. They run a transaction and print a receipt \u2014 that\u2019s it. If you\u2019re using an old-school credit card swiper, your billing practices are decades old and, frankly speaking, bad for business. \u200b\u200bUpgrading your credit card terminal can be just what you need to improve the customer experience and improve your customers\u2019 perception of your business. <\/p>\n\n\n\n
In this article we\u2019ll explore some signs it\u2019s time to consider checking out the new payment processing terminals on the market today. <\/p>\n\n\n\n
There are two general types of payment terminals that you can leverage to process credit card transactions. Identifying which terminal is right for your business primarily depends on your business type.<\/p>\n\n\n\n
If you already have a credit card terminal, chances are your business currently uses a countertop terminal. These types of terminals are perfectly suited to a brick-and-mortar retail store or a professional business that takes telephone payments. However, they have limitations. This payment terminal requires a direct physical connection to your telephone line or to the internet. Due to this, it is limited to sitting in a single area in your building.<\/p>\n\n\n\n
A wireless payment terminal has all of the functionality of a traditional terminal but doesn\u2019t require a physical landline phone or wired Internet connection. Instead, you can utilize your WiFi or 4G connection to process transactions. Therefore, it allows you to take your payment terminal on the go or simply bring it to your customers in-store. This is especially beneficial if you operate a field-based business, such as a home services business, or run a restaurant. Additionally, you can use it for business events.<\/p>\n\n\n\n
If your terminal doesn\u2019t recognize one or more popular credit card brands you risk losing customers. While some shoppers might be willing to use another card to complete their purchase, others might not bother with their purchase and go to a competitor.<\/p>\n\n\n\n
You should have a terminal that accepts near-field communication (NFC) payment forms via a wireless data transfer. <\/p>\n\n\n\n
To clarify, NFC payment devices can include smartphones, tablets, smartwatches, and new credit cards. Most new terminals come equipped with NFC functionality. If your current terminal isn\u2019t equipped to accept these types of payments, it\u2019s time to upgrade because you\u2019ll lose sales to competitors that do. According to a study on payments<\/a>, 42% of US consumers stop a purchase if their favorite payment method isn\u2019t available.<\/p>\n\n\n\n In the last year, the U.S. has grown to become the second-largest market for mobile payments<\/a> with $465.1 billion worth of mobile payment transactions, which will grow to $698 billion in 2023. The reality is a large portion of consumers want to pay with these payment methods! You might offer digital payments online, but it\u2019s important to offer them in-store too. Customers expect consistent experiences no matter how they choose to interact with your business. Make the customer experience consistent across all your sales channels and give your customers what they want: to pay their way<\/strong>. <\/p>\n\n\n\n If your payment terminal is taking a lifetime to complete a transaction, causing congestion and long lines, it\u2019s time to upgrade. This slow processing time often results from outdated hardware or software. The terminal might also have become damaged or worn out from years of everyday use. <\/p>\n\n\n\n Desktop credit card machines that are connected by an Ethernet cable are enough to meet the needs of many businesses that only take payments behind a counter. However, many different types of businesses can benefit from a wireless credit card terminal<\/a>. <\/p>\n\n\n\n If you want to have the option to accept payments at customers\u2019 doors, at conferences, or even simply somewhere other than behind the counter in your building, then you should consider investing in Wi-Fi and 5G-enabled terminals that give you the freedom to sell from anywhere. <\/p>\n\n\n\n Now, you might be thinking that\u2019s exactly what a payment terminal is designed to do. However, as your business grows tracking sales, refunds, and outstanding payments through pen and paper isn\u2019t sustainable. By leveraging a payment terminal that integrates with an all-in-one Experience Marketing platform like Birdeye allows you to run your business more efficiently. <\/p>\n\n\n\n For example, you can: <\/p>\n\n\n\nPainfully slow card processing times <\/strong><\/h3>\n\n\n\n
You\u2019re limited to staying behind the counter<\/strong><\/h3>\n\n\n\n
Your terminal can only accept payments<\/strong> <\/h3>\n\n\n\n
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Easy customer payment method<\/strong><\/h2>\n\n\n\n