31 Jul Choosing The Right Service For Receiving POS Payments
Finding the right POS payment solution is crucial, because without the right service, processing delays can limit efficiency and high rates will drive down profits. This leads to fewer transactions per hour and can frustrate customers and employees. Fortunately, finding a great system for accepting POS payments is simple for businesses that know what to look for and how POS payment solutions differ from one another.
For instance, the process that a POS payments terminal uses to authenticate a customer’s identity before accepting a bank card purchase can differ greatly from one provider to the next. All POS payment solutions need to provide a secure means of authentication, but various authentication tokens and encryption methods are used to send and verify a customer’s bank card information. What’s more, different POS payment services might use different means for connecting to the switches that provide return authorizations. This results in different levels of delay for transactions. A business should ask about average delay time when choosing a POS payment solution. Down time is also important; some terminals might have more down time than others, and when a terminal can’t connect to a switch due to scheduled maintenance and down time, transactions can’t be processed. However, most credit card processing companies now offer very low down time of 1% or less, and even when scheduled down time is a necessity, some terminals have built-in features that temporarily store customer information and avoid the need to rescan a bank card multiple times.
The best services for processing POS payments will have several terminals to choose from, including wireless and wired options. Processing companies should also be able to add a new terminal to a customer’s account in a matter of days. While a business may only need a single terminal at first, it’s important to plan for growth, and credit card processing companies with a variety of terminal options and quick installation services will be better equipped to meet the needs of a growing business. What’s more, extra options allow for flexibility when a company needs to move or replace an inefficient terminal. The best POS payment solutions will also be able to take a variety of bank card types, as this gives customers more options and leads to better efficiency and more sales overall.
All businesses with a physical location need to accept POS payments. Finding a service with low rates and superior technology makes a big difference when taking credit and debit card payments, and by looking at several options, businesses can choose a great credit card processing solution for an excellent point of service.