When choosing a credit card terminal for your small business you have a lot to consider. Do you want to go with a regular credit card machine or a full scale point of sale system? Do you want to accept PIN debit or not? Most business owners these days are choosing to go with a standard credit card terminal and accept PIN debit because of the reduced cost.
If you own a small business you should be aware that many companies will try and overprice credit card machines or merchant account agreements with an equipment lease or high customer service charges. An equipment lease is only necessary if you cannot afford the face value of the equipment or the provider is not offering a free placement option. A customer service fee should usually never exceed $10 for any retail business.
It is also important to consider if your equipment is compliant with the latest PCI standards. It is important that you work with a company that has specialized in credit card processing services for years and understands the needs of small business owners. Your credit card machine should be able to accept near field communication RFID signal along the EMV chip card payments. This is all in addition to the regular mag stripe and PIN debit payments we have all become accustomed to.
Bravertek can help you find a credit card machine or Point of Sale System that is right for your business. Contact us today for a quote or click here to view our preferred credit card machines!
Bravertek Business Services is offering a new selection of FREE Point of Sale equipment beginning in October 2014. Now, Bravertek merchants will be able to accept contactless payments through the same NFC technology used by Apple Pay, Google Wallet and Softcard™. Additionally, the new terminals are EMV capable delivering the latest in Chip and PIN fraud prevention technology.
What is NFC?
NFC is a technology that allows for two-way communication between devices that are within a few inches of each other. The technology can be used to conduct transactions such as credit or debit payments.
What is a contactless payment?
What is EMV? (Europay, Mastercard and Visa)
How fraud liability changing!
Visa intends to institute a liability shift in the U.S. for domestic and cross-border counterfeit transactions effective October 1, 2015. The merchant will be held responsible for any fraudulent transactions that were accepted in a non-chip environment (i.e., a chip card read by a chip terminal).
Utilizing In-App Payments for your business
In-App payments will allow consumers to interact with your retail store of restaurant on many different levels with much more freedom. Some features of In-App payments are the ability to pay at the table, checkout and place orders ahead of time all within the App.
Apple Pay is here and it's poised to be a big hit among consumers based on the initial buzz of the press release and the new iPhone 6 with built in Near Field Communication technology. Apple Pay is a mobile wallet that works by simply using short wave radio frequencies, this technology is called NFC (Near Field Communication). NFC works by allowing users of Apple Pay to upload their credit cards into the secure iPhone 6 app. which then allows the user to pay for a product by simply waving the iPhone in front of a NFC enabled terminal and accept the transaction with a thumb scan. This is much more secure than the traditional mag stripe swiped method and consumers are already showing major interest in Apple Pay. Consumers also like the fact that with Apply Pay they no longer need to carry credit cards with them.
It's a sure fact that if you operate a small business you will encounter customers preferring to use NFC technology more and more as time goes on. Apple Pay is not the only mobile wallet on the market either. Google and other companies have created similar products but none have quite taken hold like Apple Pay is set to. We believe this is due to the loyalty iPhone users have to it's products and apps. Apple is also leading the way in data security standards which is another attractive reason consumers are choosing to embrace this newly released technology.
In order to accept Apple Pay and other Mobile Wallet applications as a form of payment at your place of business you most likely will need to upgrade your Point of Sale system to one that is NFC enabled. It may also help to make sure your new POS System can handle EMV chip cards as well. 2015 is projected to be one of the most pivotal years in the payments industry to date. Reason being is that so many new emerging technologies and disruptors like the popular SquareUp and now Apple Pay have come into the marketplace.
Additionally, there will be much more scrutiny by governmental agencies over the way businesses handle card holder data security and the liability of who is at fault when a data breach occurs. Bottom line is that as a business owner you need to protect yourself and make sure you offer your customers their preferred payment method or you're basically doomed to go out of business (or) lose a huge chunk of revenue due to a fraud loss. Look at Target, Neiman Marcus and Home Depot to name a few. Many smaller data breaches are happening every day we just don't hear about them in the news.
Many business owners are hesitant to adopt new technologies although time and regulation will eventually force all businesses to conform to these new standards.
Bravertek can make the transition to a new POS System easy. We will train you and your employees on the latest credit card acceptance technologies including Near Field Communication and EMV "Chip Card" acceptance. Contact us today for a no obligation consultation with one of our knowledgeable advisors.