5 Clear Signs That It’s Time to Upgrade Your Credit Card Terminal

Do you have a brick-and-mortar store? If you do, you should know that having a reliable credit card terminal is essential to a positive payment experience for your customers. Unfortunately, many business owners didn’t seem to get this memo. Instead of upgrading their terminals on time, they wait until the hardware breaks down, ruining many sales along the way.

Not sure whether you should upgrade your credit card terminal? If you’re having doubts, you should lean on the side of upgrading – especially if you notice one of these five warning signs!

1. Slow Processing Times

A payment terminal that takes too long to process a transaction is bound to cause delays at the checkout counter. This will frustrate customers, potentially deterring them from returning to your business. There’s a chance your terminal is slow due to network issues, but in most cases, this is a sign of outdated hardware. The best solution is to upgrade to a newer model.

2. Old Payment Technology

Your terminal should support near-field communication (NFC). NFC devices include phones and tablets, so this technology is one of the fastest-growing payment methods on the market. If your terminal can’t support NFC, you’ll lose customers to companies that do. Studies say that 42% of customers will stop a purchase if they can’t use their favorite payment method.

3. Lack of Reporting Capabilities

Though the primary purpose of a credit card terminal is to accept payments, these machines can do quite a lot more. For instance, many modern models allow you to track sales, refunds, employee time, and outstanding payments. They also generate these reports in real time, making it much easier for business owners to make real-time decisions.

4. Recurring Hardware Issues

Is your POS system struggling with constant power failures? If so, your best bet is to switch to a terminal that uses a cloud-based system. On top of saving you from hardware headaches, these terminals save all your important data in the cloud. Even if you want to keep a system that keeps crashing, it will likely become too expensive to repair in the near future.

5. Security Problems

Data theft and fraud are the two most common problems plaguing the payment industry. Every time a customer’s credit card information is stolen from your business, your reputation will take a hit. The only way to protect your business and customers is to invest in a terminal that’s up to date on EMV compliance and the latest security measures.

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