It’s Not You, It’s Me: Understanding Outdated Payment Technology
June 10, 2020
Consumers want their purchases to be quick and painless. Lags in processing or concerns about the security of their sensitive data are snags that can impede not just one purchase but also negatively impact your relationship with your customer over the long term. This changing audience for payments and eCommerce markets is triggering a need for merchants to invest in new technology or upgrade old systems. The alternative, making do with the ad hoc system already in place, no longer makes sense.
So how do you know if your payment processing system can no longer meet the demands of your business? Some telltale signs of outdated technology include:
- Slow or Timed-out Payment Terminal
- Lack of Payment Terminal Security
- Inability to Provide All Payment Options
- Payment-only Functionality
When your terminal slows down or times out, your customer can’t complete their purchase, and we all know that putting an obstacle in front of the customer can decrease the likelihood that they will complete their purchase or visit you again in the future. When payment terminals aren’t secure, you leave your company vulnerable to a data breach, which can have catastrophic repercussions both financially and with your customer relationship. Customers are also accustomed to paying in a variety of different ways, from traditional credit cards to new providers like PayPal, Apple Pay, and more. Finally, the latest terminals can do more than just accept payments, including incorporating loyalty programs, managing employee timesheets, adding a POS system, and even linking to QuickBooks. With so much at stake, including phenomenal increases in speed, ease, and functionality, it’s clear the new generation of payment technologies can no longer be ignored. In fact, every day your company continues to rely on slow, outdated systems that cost you money. Inaction is expensive.
Outdated legacy payment systems are a problem, but they are also easy and familiar. In contrast, making the switch to a new platform can be frightening, with many unknowns and added expenses, making merchants hesitant to make the switch. Of course, at a certain point, the comfort of the status quo becomes just too unwieldy and expensive, especially when contrasted with the benefits of using new payment technologies.
The solution for businesses still relying on old and outdated payment platforms is partnering with a payment processing provider who can help them navigate this new tech landscape. If your business is using an outdated payment system, it is time to think about updating to a platform with key functionality, including inventory management, business analytics, mobile credit card processing, and EMV capability.
PayTech Trust is uniquely qualified to efficiently manage payment processing needs. To begin a dialogue and learn how our expertise can serve you best, contact us today so we can help you navigate and negotiate the best solution, pricing, and contract terms for your data security needs. Protect your business. Secure your payment data.