When merchants decide on the type of credit card reader they want to use, there’s typically a lot of research involved. This way, they learn about the different options available, comparing and contrasting their advantages and disadvantages. The model most optimal for your business is going to vary, depending on your industry. For example, those who are out in the field and need to accept payments from customers onsite may not have the same list of must-haves as those owning a clothing store.
However, there are key features for every credit card reader, no matter the size of your business or field:
It should work efficiently.
A good credit card reader should not only be easy to operate, but also capable of quickly deciphering and transmitting card data. This way, the check-out process is simple and painless for the employees and customers, which will only be beneficial for your business.
First, when your employees understand what they need to do and how to do it, their jobs become a lot less stressful. Second, when customers don’t have to wait a long time to complete a purchase, it will likely improve their overall experience. As explained in a May 2016 podcast by global management consulting firm McKinsey & Company: “When a customer is satisfied with a company, they are also lower in the cost to serve, but also have a higher potential to be more loyal customers for this company.”
It should ensure data privacy.
Consumers want to know their personal card information is secure when making a purchase. If a company is known for having data breaches, it will likely negatively impact customer loyalty. A survey conducted by digital security company Gemalto discovered that 64 percent of consumers who participated would not do business with a company again following such security lapses. In fact, 49 percent “of consumers surveyed would consider taking legal action against companies that had consumer data stolen,” according to the study. This would hurt your business financially, as you could lose money from a drop in sales or spend money on legal fees.
It should accept other payments besides credit cards.
People don’t just use cash and credit cards to make purchases. There are also debit cards and gift cards, as well as mobile and near-field communication (NFC) payments. Being able to accept other payment methods gives your existing customers more options, and attracts new customers who prefer those ways of paying for products and services.
In May 2016, Auriemma Consulting Group reported the findings of its Mobile Pay Tracker survey. According to the advisory consulting services company, 27 percent of consumer participants have used Apple, Android, or Samsung Pay at some point. Plus, 39 percent “say they would use mobile payments more if more stores/apps accepted it.” This should be an incentive for companies to offer this option to consumers.
It should read EMV chips.
Regarding data privacy, credit card readers able to accept chip credit cards also give consumers some peace of mind, as EMV technology helps protect sensitive card information, and thus, avoid data breaches. The number of consumers owning EMV cards is significant, as well. According to the Nasdaq Stock Exchange: As of 2016, “70 percent of U.S. credit cardholders now carry an EMV chip card." In 2016, many merchants still hadn’t yet adopted EMV technology, which likely frustrated their customers. With more people using these cards, it’s important for businesses to keep up and switch to EMV, so customers can reap its benefits.
Want access to the best credit card readers? You’ll have to find a reliable credit card processing company for assistance.