Credit card payment processing myths
In the past few years, credit card payment machines have emerged as the modern, simple and effective alternative to traditional payment methods and, in some markets, they have become a must. However, there are sectors where credit card payment processing remains shrouded in mystery and is associated with various beliefs that may or may not have a scientific basis. In the most unfortunate cases, business owners avoid investing in a credit card machine not because they do not have the money, but because they believe in several myths. Here are some of the biggest myths debunked and some actual facts on what credit card machines can and cannot do.
By far one of the biggest myth concerns security. In the age of cyber fraud, many people imagine that having a computer-operated device that stores their money exposes them to great financial risks, attracting hackers and cyber thieves. In reality, accepting payments with a credit card is not more vulnerable than having a cash register with physical money in it. Even though there are ways to steal money from credit cards, the risk is much lower than with having actual money. Besides, manufacturers invest a lot of money in technologies that safeguard terminals, in an effort to make them as secure as possible. An employee cannot simply take the money and run away without them leaving a trace.
Another myth refers to the difficulty of use. There are business owners who have the funds to buy a terminal and are interested in the benefits that they have to offer, but hesitate because they think they don’t have the skills to use them. Fortunately, credit card readers are simpler than they look. Your employees will not need more than a few hours of training to operate them and usually these hours of training are provided by the seller. One of the missions of modern payment systems is to simplify and streamline things, so manufacturers have invested years in developing technologies that everyone can use, not only IT experts.
Another myth has been perpetuated by people who already have POS and do not see a reason why they should upgrade to a newer version. It’s true that the stores that implemented POS about a decade ago were quite ahead of their time, but technology is changing at a rapid rate and the credit card machines developed then are no longer as useful. For example, more and more people now have NFC-compatible smartphones that can make contactless transactions. The devices made decades ago do not have such features and, in order to satisfy all customers, you should consider implementing newer options.
Last, but not least, remember that the simple purchase of a mobile or countertop machine alone does not guarantee success. In order for your investment to generate returns, you need to make sure that the type of machine you chose matches the requirements of your business. If you don’t know what type of device is right for your particular needs, contact professional suppliers such as Chip and Pin Card Payments and they will advise you on the best course of action.