Whether you’re opening the doors to a new business or looking to upgrade your existing hardware, choosing a payment terminalThe device by which a transaction is transmitted to the acquiring bank. is often a more complicated undertaking than most people expect. While they might all look the same, understanding the features of different terminals and deciding which one is right for your business is important to shaping the checkout experience. If you’re trying to figure out the best POSThe time and place a sale takes place. Also refers to the devices used to transmit the credit card transaction. system for small businesses, here’s some advice.
#1 Decide on Payment Types
You may remember when almost all credit card machines seemingly changed overnight to start accepting chipped cards. Over the past couple of years, we’ve seen a more gradual shift toward contactless payments, but consumer demand for this option has greatly increased as shoppers focus more on aspects like hygiene and security.
When choosing a payment terminalThe device by which a transaction is transmitted to the acquiring bank., you should look for one that offers as many options as possible to ensure convenience for your customers. A card swipe and chip reader are just standard features now, but near-field communication (NFC) is still something that some terminals lack. NFC is what enables contactless payments, which allows a shopper to hold an eligible card or smartphone a few inches from the reader to quickly pay for their purchase.
#2 Invest in The Right Features
The right POS system for small businesses does far more than process cards. Today’s businesses demand a variety of services to help them optimize operations, including inventory tracking. These are features you can add using third-party software, but that can quickly cause processes to become disjointed. Instead, opting for a system that integrates the most important features into the checkout process will ensure efficient, streamlined management.
Some of the features you can look for include:
- Customer management: How about a system that tells you who a customer is, how many times they’ve shopped your store and their average order value? Customer management allows you to offer a more personalized shopping experience.
- Inventory tracking: Get real-time inventory updates as items sell so that you can keep the right products in stock.
- Dynamic pricing: Push sales during the slow season using dynamic pricing, lowering prices for excess items and increasing prices for other items as demand soars.
- Loyalty program: Incentivize repeat shoppers with a loyalty program that offers free products, discounts or special gifts on their birthday or shopping anniversary.
- Gift cardA prepaid card that is loaded with a specific amount that the cardholder can spend at the sponsoring retailer. management: Easily accept gift cards at your normal payment terminalThe device by which a transaction is transmitted to the acquiring bank. just like any other payment method.
- Labor scheduler: An integrated time clock allows employees to clock in and out with ease, making commission tracking easier while reducing the risk of theft and fraud.
You may not need all of these features, but thinking ahead about your business and its growth plans will help you choose a terminalThe device by which a transaction is transmitted to the acquiring bank. that can support you for years to come. Remember, today’s buyers demand personalized experiences, so investing in equipment that can help you modernize your business is a smart move.
#3 Choose a Good Provider
Depending on the payment processorA large data center that processes credit card transactions and settles funds to merchants. A processor connects to the merchant on behalf of an acquirer via a gateway or POS system to process payments electronically. Processors edit and format messages and switch to bankcard networks. They provide files for clearing and settlement and other value-added services.... you choose, you may need to purchase hardware from them or you might be able to rent it for a fee. There is no bad choice, although renting it will certainly add up over time. Of course, no matter what you choose, the real cost tends to come in the form of monthly fees and transactionAn act between a seller and a cardholder that results in either a paper or an electronic representation of the cardholder’s promise to pay for goods or services received from the act. The action between a cardholder and a merchant that results in financial activity between the merchant and cardholder’s account.... fees.
Whenever you’re selecting hardware, you should first think long and hard about the provider behind it. For instance, National Merchants Association offers a catalog of wired and wireless terminals, but you won’t find us charging exorbitant processing fees. We strive to keep expenses low for small businesses, including eCommerce stores and high-risk merchants.
Moreover, when you choose National Merchants Association, you even have the option to keep your current equipment. We can use Remote Key Injection (RKI) to set your TSYS compatible terminalThe device by which a transaction is transmitted to the acquiring bank. up with your new account, saving you precious time and money in the process.
Educate Yourself on Payment Processing
Payment processing is a major part of running a small business, but a lot of business owners don’t realize just how integral of a decision it is. Aside from choosing the right hardware, choosing one provider over another could mean a difference of thousands of dollars in fees over a year. Ultimately, this isn’t a decision to rush through.
If you need help deciding on the best payment hardware for your business or choosing a payment processorA large data center that processes credit card transactions and settles funds to merchants. A processor connects to the merchant on behalf of an acquirer via a gateway or POS system to process payments electronically. Processors edit and format messages and switch to bankcard networks. They provide files for clearing and settlement and other value-added services.... to go with it, National Merchants Association offers a host of guides and resources to help you educate yourself. Once you have a firm footing and understand what your options are, you’ll be able to go forward and make the right decision for your growing company.
About National Merchants Association
National Merchants Association (NMA) is a merchantA business that accepts credit cards for goods or services. advocacy group dedicated to reducing or eliminating the unnecessary fees associated with accepting credit card payments. Since 2004, NMA’s payment processing solutions have been delivering tailored solutions, best-in-class customer service and high-quality service offerings for businesses across multiple industries. Whether it’s high-risk or low-risk, brick-and-mortar or eCommerce, NMA will create the best processing experience for your company.
For more information, visit us at our legacy.nationalmerchants.com or call 866 509 7199.