Industry News

10/10/2011 - It is impossible to predict the future, particularly when everything seems to evolve and change so rapidly. The same can be said for the world of payment processing. In a matter of years, payments shifted from an entirely cash-based system to the credit card purchase option and then debit, credit and prepaid card dominance. Now, credit card processing will likely shift again to a contactless and mobile systems.

Point of Sale News advises business owners to do their best to stay on top of consumers' payment trends and preferences when selecting a payment processing terminal. Having the most up-to-date technology can help merchants reach the widest range of customers. Not implementing the newest point-of-sale terminals can be a mistake, says the news source.

"Your POS equipment could limit your ability to participate — costing you money, inconveniencing your customers and putting you at risk for fines and higher fees," the site explains. "The right equipment will position your stores to be a part of this new world and take advantage of new ways to communicate, take payments, and extend your business."

The first step to selecting the ideal point-of-sale terminal requires the merchant to consider how customers pay and what kind of business is being run. While staying on the cutting edge is important, merchants cannot forget their clients who have not yet upgraded or do not plan on upgrading to tomorrow's payment processing programs.

Even if a merchant does not immediately upgrade to the latest and greatest in point-of-sale terminal technology, there are some simple steps that can be taken to cut costs. At the very least, a POS terminal should be able to accept both credit signatures and debit PINs. Adding a PIN pad can make transactions more convenient for customers and can significantly reduce processing fees, according to the news source. Additionally, upgrading to electronic credit card signatures allows for the instant capture of a customer's approval, which can eliminate paper receipt storage, help with bookkeeping and expedite the payment process for customers.

Point of Sale News reminds merchants to always be wary of security regarding consumers' personal information and businesses' data. Before a merchant invests in point-of-sale terminals, it must ensure that the devices and the vendors meet PCI security standards.

According to the PCI Security Standards Council, vendors must file documentation with the organization to gain approval for a number of applicable devices, such as PIN pads, unattended payment terminals and point-of-sale devices.