Payment systems and secure processing can seem like just another item on a long list of concerns for small businesses, but they should stand out in your mind for several reasons. There are only a small number of operational processes that can potentially expose businesses to severe financial and reputation-based consequences like the kinds seen when credit card payment software and other related elements aren't secure. There are also practical issues to contend with, ranging from old systems moving so slowly that they create a negative customer experience to a complete lack of the ability to accept credit and debit card payments.
Why does your business need to use a modern, effective and secure platform for payment processing? Consider these reasons:
A positive customer experience
There's a growing expectation that businesses will accept card payments, whether the company is part of a large chain or a small, independent enterprise. While cash won't go away in the near future, it's slowly being supplanted by a preference for credit and debit cards. Depending on the types of potential customers who are attracted to your business, you may have already experienced this feeling from one or more guests who were interested in making a purchase but didn't have – or didn't want to get – cash.
Whether you don't have credit card processing software in place or your existing system is slow to the point where it creates long lines and frustrates customers, don't let this easily resolvable issue harm the customer experience at your store.
Avoiding liability and fraud
Without EMV-enabled payment terminals, your business exposes itself to a host of liability concerns. The most serious is where the blame falls for a card-present transaction that turns out to be a form of fraud. The party in the transaction that is least compliant with the EMV rules will have to bear the financial burden of any outcomes related to the fraud.
Inc. columnist Bob House, a specialist in the sales of existing businesses, said a major issue affecting a variety of smaller companies is the perceived cost of an upgrade. While improving on current systems is never a cost-free exercise, there are plenty of options available. The potential savings and strong sense of security involved in becoming EMV-compliant significantly outweigh the limited price tag associated with the upgrade.
To find out more about cost-effective methods for improving customer experience and payments security, get in touch with the experts at Cloud 9 today.