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4 reasons your customers should update their payment terminals now

The latest generation of payment terminals help merchants drive sales and customer engagement.

September 10, 2019

Those who build world-class POS solutions pay attention to even the smallest details of the overall project. The software selected is feature-rich, reliable, and positions the merchant for success. The hardware, whether a traditional touch terminal or a mobile device, is purpose-built and hardened for commercial use.

For electronic payment acceptance, leading solution providers don’t settle for repurposing outdated payment hardware. Instead, they understand the benefits of today’s latest generation of payment terminals and recognize that payments play a critical role in the success of their merchants. Consider these four ways payment terminals can help your merchants.

  1. Improve security—While EMV adoption rates continue to rise in the U.S., there are still many smaller restaurants who haven’t upgraded their payment devices. The latest payment devices, or PIN Transaction Security (PTS) devices, should meet the standards set with version 4 of the PCI PTS POI security requirements. Version 3 devices will expire on April 30, 2020. While it will be permitted to use V3 devices, you won’t be able to buy them after that date.
     
  2. Accept wireless/portable payments—Wireless portable payment terminal adoption is up, and for a good reason. Restaurants can increase table turns and increase satisfaction by bringing the payment process to the customer. Retailers can provide better customer service by having staff interact with customers on the showroom floor rather than wait behind a counter, while long lines can be shortened by eliminating bottlenecks at a traditional cash wrap.
     
  3. Accept new preferred methods of payments—Use of mobile wallets and NFC payments is up. According to the latest data from Allied Market Research, the global mobile payment market is expected to exceed $4.5 billion by 2023 at a CAGR of nearly 34%. If your merchants are unable to accept these new preferred methods of payment, they risk losing business.

    If your merchants can’t accept mobile wallets and NFC payments, they won’t be able to accept contactless cards that are currently rolling out in the U.S. While contactless payments have become the norm in other countries (for instance, they account for more than 90 percent of transactions in Australia and more than 50 percent in the U.K. and Canada), U.S. adoption has been slow. Chase, Capital One, and American Express are leading the way in the U.S. market by making all newly issued and renewed cards contactless.
     
  4. Leverage value-added functionality—In recent years, payment terminal vendors sought to add value by taking advantage of the hardware to run custom apps alongside the payment process. Today, payment terminals can be configured to display advertisements, collect survey data from customers, facilitate loyalty program signups, and much more. New payment terminals can quickly pay for themselves with such value-added features.  
Whereas payment terminals used to be simple bits of hardware with one simple purpose, today they can be powerful devices that drive sales and customer engagement. For more information on how you can leverage this technology for your customers, contact Angela Lawrence, Sr. Market Development Executive DCPOS/Payments at Ingram Micro.