“Merchants may not realize how much of an asset a good terminal or POS system can be. Customers don’t pay any attention to the hardware, but they do want to pay quickly and securely. Any merchant that gets them through the line and out the door efficiently will be perceived by the customer as efficient and trustworthy—and could give them a leg up on a competitor with an older system that takes too long to process or seems vulnerable to hackers”
– Holly Grieco, Director of Marketing at National Merchants Association.
Today’s consumers are careful how and where they spend their money. They are also concerned with the safety and security of their personal information, especially when it comes to sensitive personal data like credit card information.
If you’ve ever shopped at a store (of course you have), you’ve undoubtedly come across a POS (point of sale system) while you were checking out. These systems, including card payment terminals are what accept or decline credit and debit cards.
While simply swiping a card in a payment terminal may be a convenient way to pay for goods, it may not be the most secure. As a merchant, keeping your customers’ payment information safe is of the utmost importance. So, how do you reassure your customers that their credit card information is secure, and, in a sense, market your store’s payment system while increasing loyalty?
For starters, accepting multiple forms of payment tends to build a level of trust with your customers. If they know you accept different payment types they’re more likely to spend money at your store and even better, come back at a later date to patronize your business. Not only does this build trust, it builds loyalty as well. Accepting multiple payment options also reassures customers that your store as a whole, is a safe entity and that transactions are secure.
Multiple forms of payment mean much more than just cash or standard debit and credit cards; it also includes accepting EMV (chip) cards as well as the growing mobile payment method. Both methods are more secure than traditional cards, but mobile payments are not only becoming an emerging trend, it’s becoming a preferred method of shopping, especially with younger shoppers.
Mobile payments are made using a smart phone and the transaction is then completed when a payment terminal with compatible software processes the payment. This type of payment utilizes near-field-communication (NFC) technology and is rapidly becoming popular around the world.
Google Wallet, Apple Pay, Samsung Pay and other similar platforms are what’s known as digital wallets. These “wallets” simplify the payment process for consumers and they are actually safer than traditional payment methods. Additionally, the “tap and go” technology of digital wallets is faster and more convenient than using both cash and cards.
The global shift to mobile payments actually represents increased and improved security measures. For the most part, fraudsters have a harder time mining sensitive data when there’s at least one (extremely secure) extra step between a customer and their credit card number or bank account number. The added convenience for customers to be able to simply tap their phones to a payment terminal firmly places mobile payments as an emerging technology that’s set to become a standard procedure in the very near future.
Aside from the convenience and security factor for your customers, POS systems can also be used to help merchants with their store’s daily management. According to Grieco, a good POS system does way more than process transactions: “It can help the merchant track inventory, control costs, and further promote customer loyalty.”
While marketing your payment system seems a bit odd; it’s really not. By accepting multiple forms of payment, including the safest and most secure methods, you can ensure future sales and customer loyalty.
If you’re ready to partner with National Merchants Association, you can apply for membership at any time. We work to reduce and eliminate the unnecessary fees associated with processing credit card payments and we always strive to educate merchants about industry news and trends to keep them focused on running profitable businesses.