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04/08/2009 -
With the recession bearing down on small businesses everywhere, business owners have a lot to think - and worry - about.While credit card processing and point-of-sale (POS) terminals may be low on the list, especially if working without any reported problems, properly maintaining and updating the technology is essential to a business' success.
Proper maintenance of POS terminals requires continued attention to PCI compliance regulations. Businesses are required to pass a PCI compliance audit and follow a compliance checklist, although smart businesses should frequently assess the safety of their POS technology. After all, a security breach will be substantially more costly - in profit, legal expenses and reputation - than continually monitored compliance.
Updating POS technology can also be extremely beneficial to a small business' efficiency and sales, as quicker and easier checkouts will undoubtedly be appreciated by customers.
New technology developments, such as contactless payment terminals or wireless POS systems, help speed up and simplify the payment process. Merchants who implement these solutions must be aware that they come with different compliance regulations, such as wireless equivalent privacy.
On the most basic level, merchants who are not accepting credit cards at all - or whose processing systems do not allow debit cards or gift cards - need to update their technology or risk losing sales and customers.
While additional investments in payment card processing technologies may seem out of the budget for many small businesses, the return on investment makes them worthwhile.
