Merchants can choose from among many credit card machines available from manufacturers. Do your due diligence to make sure you get the best one for your business that will work well with your POS system, especially if you own a business connected to a high-risk merchant account. Delve into the following four misconceptions merchants have about credit card machines so that you can make an informed purchasing decision for your business.
Image via Flickr by Aranami
EMV-chip credit cards will become standard within a few years. Since most banks are already issuing these cards to their customers, you should buy a compatible credit card machine now. Many businesses may not have made the switch to these credit card machines because of the add-on charges upon purchasing the equipment. Also, some business owners may believe that they’ll always be able to swipe EMV-chip credit cards as they have had with standard credit cards.
Here’s the truth: All businesses will need to upgrade to a credit card reader that accepts EMV chip cards to stay competitive. Protect yourself from the beginning by getting a credit card machine that can accept EMV-chip credit cards and save money over time.
While most POS systems have built-in software to help protect your data from breaches, no system is immune. Hackers get smarter and smarter every day, and these thieves tend to target businesses because of a large amount of customer data available. EMV-chip credit cards offer one extra layer of protection against hackers. High-risk merchant account holders, in particular, should accept EMV-chip credit card machines for the extra protection.
People think that if they spend more money, they get better quality, but this line of thinking isn’t always the case. When you invest in a credit card machine, merchants should buy a type that is compatible with their POS systems.
The software itself determines how smoothly your credit card machine will work. Compatibility is also important to prevent chargebacks, especially if you have a business with a high-risk merchant account. With a good POS system, you can better track transactions and fight back against chargebacks so that your merchant account provider doesn’t penalize you for excessive chargebacks.
You need a credit card machine to accept payments, but the device can do a lot more. When connected to your POS system, you can better track inventory, record your employees’ work hours, and use customer data to make better business decisions. Data is invaluable to your business.
Your POS system and credit card machine are great assets to your business because they reduce the problems faced by businesses, especially those that carry a high-risk merchant account. Make sure you research your options so that you can choose the best credit card machine that meets the needs of your business.