When many businesses consider their payment options, they might not always think about how their payments will be processed. Some businesses still deal solely with credit card services or cash, while others are making the leap to online payments and the use of mobile applications. Fortunately, there is another way that clients can make payments while knowing their information is protected.
Here are some reasons to consider a smart terminal for your small business.
It boosts your business’s efficiency
In the past, terminals were created to make the payment process much easier in general. However, nowadays technology has made it even simpler to provide clients with a quality payment experience through a smart terminal. You have the option of either sending receipts through email or printing them out, and with 90% of customers preferring digital receipts over physical ones, you’re cutting back on waste in general. Through the use of a network, you also have instant records of what was purchased and when for your business’s records.
It provides customers with a more positive experience
A smart terminal has also been shown to help customers with their checkout process. Because you do not have to physically handle their credit cards and they can be swiped or used with a chip, a smart terminal provides an extra level of security. Digital signatures and the acceptance of EMV chips also make the checkout process much faster, so your clients can have their transactions performed smoothly. The development of the EMV chip made the payment process simpler for both customers and businesses, and smart terminals have responded to new payment methods, as well. Some of these include NFC payments through a phone, Apple Watch, and more.
It allows for greater tracking
It’s not always easy to know how your business is doing unless you have the numbers in front of you. Tracking your transactions can give you insights into your success and the areas you need to improve on. With a smart terminal, analyzing your insights becomes much simpler since it is integrated with a virtual terminal, which can be a useful when tracking which products are selling well and which are not as popular. You can also integrate your data to your own software to keep track of your inventory needs and what needs to be replaced.
It offers greater security
Smart terminals also make it easier than ever to know that customer data is safe. Most terminals are Level 1 PCI Compliant, meaning that they offer a level security required by all the major credit card companies. Data is also encrypted, making it much more difficult for hackers to gain access to information they shouldn’t. Your customers’ accounts should be stored on a secure network, which a smart terminal provides since all information is sent to a highly secure cloud. As data security becomes more and more important, knowing your clients are protected can be essential to the success of your business.
Technology has made it easier than ever to provide a higher standard of service to customers. With a virtual terminal, you are setting up your payment process to be simpler and to offer more insights to how your business can be improved.