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Technology Focus: Payment Processing & Transactions

As a follow up to our last article about the importance of keeping up with the latest and greatest technology in your business, we’d like to use this article to talk about payment technology specifically.  Because payments are the only way that your business will be able to make money, it is extremely important that entrepreneurs are keeping their eyes on the payments industry innovations as consumer demands and expectations are changing.  If you aren’t sure what you should be considering when it comes to your payment processing solutions, we’re here to help.

Credit and Debit

Accepting credit and debit cards is basically essential for any business today to satisfy their customers needs.  However, it’s no longer enough just to be able to swipe cards at your cash register for transactions.  Customers want to know that their payments are being processed securely and they don’t want to transactions to take long. 

Mobile

Processing payments isn’t just limited to cash or card now. Today, your customers could also use their smartphones or even a smart watch to pay for their purchases.  With the right POS equipment, you could make your checkout experience even faster by accepting NFC mobile payments.  If you are the owner of a small business such as a convenience store or even a small grocery store, offering this level of convenient and quick payments is more than ideal.

Gift Cards

Gift cards and any other prepaid products are becoming increasingly popular as many consumers look for alternative ways to pay for goods and services.  With gift cards and prepaid cards, even cash customers can enjoy the ease of swiping to pay or buying online.  Also, offering gift cards or prepaid reload at your business is a great way to boost your own profits through transaction fees and increased foot traffic to purchase or reload the card.

Cash to Digital

Another important innovation that’s been made in the payments industry is technology that allows customers who rely on cash to complete electronic or digital transactions.  This type of payment technology could be accomplished by accepting transactions for Amazon Cash accounts, mobile top-up, bill payment, and more.  Finding a solution for all of these types of payments is easier than ever and completing these kinds of transactions doesn’t have to mean long lines, wait times, or even annoying paperwork.

If you haven’t already, do some research into what the latest trends are in payment and card processing technology.  If you already have a card processing provider, you can easily reach out to them to see what options they have for upgrading your technology.  Although purchasing an all new POS equipment solution could be an option, it’s probably not the only way you can make a change.  Now, there is technology that allows providers to download new software directly to your equipment while it’s already on your counter.  Don’t waste time, invest in your store’s payment technology now.

in News, Building Your Business, Consumer Trends, C-Store Trends, Retail