It may be time to update your payments technology if your transactions take longer than usual and/or include inaccurate data. If you have outdated payment software, you’re more likely to lose out on valuable revenue and client relationships.
Customers expect ultimate convenience when it comes to transactions. And if they don’t get it, they’re more likely to take their business elsewhere. Before you update your payments system, consider these three factors:
1. Assess payment security
The most significant factor for needing a payment technology upgrade is decreased security. Customers are less likely to do business with you if they suspect their personal information could be stolen and used for fraud or theft.
Plus, if a customer’s credit card information is stolen, you’re directly liable for all the damages which could cost your business thousands of dollars. The best way to protect your business is to upgrade your payment terminal immediately to ensure it’s up to date with the latest security protocols and is EMV compliant.
When you upgrade your payments portal, ensure there’s tokenization to protect payments by applying a random set of numbers to a single payment. This process ensures the data is secure before and after the transaction because it cannot be linked to a decryption key with financial data.
2. Prioritize the need for more features
If your payment technology is outdated, chances are the only thing it does is accept payments. In today’s world of progressing technology, payments system can do much more like inventory management, automated reports and customer data collection.
When it’s time to upgrade, you’ll finally say goodbye to stacks of paperwork and be able to streamline customer information to make it easier for your employees to be productive and close more sales.
3. Calculate maintenance costs
Maintenance costs will start piling up if you have an outdated payment system. It may have been more affordable when your new software was under warranty, but now that you’re paying the bill it’s time to upgrade.
When you make the switch, you can either buy or lease software that contains regular maintenance check-ups for a fraction of the cost.
If you’re ready to upgrade your payment technology or have any other questions, contact me by visiting my website or calling (617) 843-5700. My specialty is helping you drive down payment processing costs and enjoy perpetual savings! I look forward to working with you and learning more about your business.
