Payment Technologies Every Retailer Must Know

One of the best ways to both protect your business and ensure you get the most money possible is to modernize your payment system. That’s because having an outdated payment system means having fewer transactions and unnecessary liability. Of course, it can be difficult to figure out which technologies you really need to incorporate into your credit card payment solution. Don’t worry though, we’re here to help with a list of the payment technologies you need to be familiar with.

– Cloud-based POS System: The POS, Point Of Sale, is where a transaction actually occurs and a POS system refers to the technology used in transactions such as credit card machines or barcode scanners. So, why should these machines use cloud computing? By doing so they can automatically store, record and analyze transactions saving you time and money.

– Contactless Payments: Contactless payments are one of the most popular and exciting new payment methods. Using NFC, Near Field Communication, technology customers can pay simply by moving an enabled card or device near a terminal. This technology is already ubiquitous in Europe and continues to sweep across the United States. Soon customers will come to expect it as standard. That’s why it’s important to make sure your credit card machines feature NFC technology.

– EMV: EMV credit card machines are those that can read information from a chip in an inserted credit card. This technology is very common for a good reason, it’s an extremely important safeguard against liability. If a customer has an enabled card and your terminals require them to swipe the card instead, you can be held liable if their payment information is stolen. You don’t want to expose yourself to that kind of risk so it’s vital to implement EMV technology.

If you’re trying to find a merchant services provider who offers all of the latest technologies without breaking the bank, try WOW Payments. We’re the best credit card processing company, offering free processing so that you can save money while taking advantage of the latest advancements. That means no more need to worry about keeping your terminals up-to-date. Get in touch with us and secure your peace of mind.

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