When it comes to credit card processing services, providing the best merchant service to your customers should always be a priority. One simple way to do this is by staying up-to-date and providing the latest options for processing payments at the point of sale. Unfortunately, keeping up with it all can be difficult–even for a merchant services provider.
New solutions are introduced to the payments world at a seemingly supersonic rate. Traditional terminals, and even virtual terminals, are familiar standbys, but mobile credit card processing, tablet-based POS systems and other computer-based POS systems are starting to make waves.
Many financial institutions have questions about these emerging technologies, so here are the topline details on the latest and greatest solutions designed to complement your credit card processing services.
Next Generation Credit Card Terminals
EMV is currently making headlines on the terminal front. In the U.S., many merchant credit card processors are questioning whether it will truly become commonplace, but terminal manufacturers are gearing up with plenty of options, and ensuring they’re ready when merchants decide it’s time for a new terminal. Processors are beginning to certify terminals to fully support chip cards for EMV, and new players are becoming prevalent in addition to the companies you may already be familiar with.
A few companies from outside the U.S. are making inroads include PAX and DejaVoo. Equinox also launched its first new terminal (called Apollo) since changing its name from Hypercom, and, not one to be left behind, Ingenico in the U.S. is also making a big push.
Mobile Credit Card Processing Services
New card readers for mobile devices are also becoming prevalent. MagTek and ID Tech are developing readers that can support EMV cards–two in fact: one with PIN verification and the other featuring signature confirmation. Additionally, Ingenico boasts a terminal that works in conjunction with a tablet POS application.
Tablet-Based POS Systems
At the 2013 ETA Annual Meeting & Expo hosted in New Orleans, tablet-based POS systems were popping up everywhere. Newer players like ShopKeep, GoPago, and Leaf were all developing solutions, as were more tenured companies like NCR.
These solutions appeal to a broad range of merchants because they offer many of the features and functions typically found in more costly POS systems–like those developed for conventional merchant locations, such as restaurants or retailers.
Cloud-Based POS Systems
Cloud-based systems have become popular for the same reason tablet-based systems have. These robust, data-driven systems are reasonably priced, they take the hassle and worry out of things like updates and upgrades, and they simplify data retention and disaster recovery. They allow merchants to focus on their core business instead of worrying about their credit card processing service, which is why they are quickly gaining traction at companies like retailcloud and Benseron.
Which technologies are you most interested in, and what do you want to see from your merchant services provider? Leave a comment on your thoughts regarding the methods discussed above.