Provident Payments LV - Processing Frequently Asked Questions

Whether you’re deciding to start a new business or change out your current POS system with a new updated version, it is important to ask the right questions before doing anything. Asking the right questions can help you to understand varying topics related to POS systems, credit card processing, e-commerce sales, virtual terminals, card readers, and more. We at Provident Payments have collected a few of the most frequently asked questions that we get by new and existing customers, as well as, our answers to them below.

I’ve Used the Same Old System for Years and It Works Fine, Why Should I Update?

Although your system is probably running fine, the goal is not fine, but instead, the goal should be for your system to be running optimal and efficient. New POS systems are able to take online payments, retain emails, schedule recurring online payments, and monitor your inventory. All the features of new and modern systems are there to lower your workload and make everyday tasks an easy and streamlined process.

Are New POS Systems Safe When It Comes to Security?

Absolutely! Many new POS systems use advanced technology to monitor your sales and detect fraudulent transactions. Modern POS systems can also receive periodic software updates which can include upgrading security protocols. Many new POS systems are able to use chip readers and CVV security numbers, which will lower your risk of bad transactions coming in.

Are POS Systems Really Better Than Cash Drawers?

In a nutshell…..yes, POS systems have the ability to conquer multiple tasks when completing a transaction. From keeping track of the current inventory in stock to linking all the businesses’ locations synced up under the same system. Cash drawers are unable to connect with different business locations and unable to monitor inventory within the business.

Can a POS Help Me with Marketing?

POS systems have the capability to hone in on your target demographic through various programs. Some of the programs use G.O. targeting which was designed to send email notifications with current sales promotions when previous customers are in the area.

What Is an EMV Chip?

The EMV chip (Europay, MasterCard, and Visa) is a new level of security and a secure way to limit fraudulent activity. Each transaction is encrypted with a special security code that is used only one time for the specific transaction. This code is unable to be duplicated and reduces the ability to make counterfeit credit cards.

Are Merchants Liable for Fraudulent Transactions That Occur?

Unfortunately, the answer is usually yes. A business has a liability when conducting transactions and can be held responsible when a transaction is fraudulent. However, with the use of updated credit card terminals and POS systems, you can greatly reduce liability and limit fraudulent transactions.

When Traveling Internationally, Will My EMV Card Chip Work?

In most places, yes. EMV technology has already been available to retailers for years now. However, some international retailers go a step further and want a credit card pin for EMV cards. Many EMV cards from the U.S are not built with pin numbers for credit cards. International retailers which require a credit card pin, may not accept a credit card without a pin.

Can Mobile Card Readers Accept EMV Credit Cards?

Many of the new mobile card readers accept EMV cards. Mobile card readers without EMV readers will still work on EMV cards, they will just have to be swiped instead of inserted.

Do Virtual Terminals Really Process a Transaction 30,000 Feet in the Air?

Yes, if your flight provides Wi-Fi a virtual terminal can process a transaction at 30,000 feet or virtually anywhere that carries Wi-Fi. All that is needed is just a web browser.

Does My Ecommerce Store Need a POS?

With many transactions processed through your Ecommerce store, without a POS system, your store is more liable for fraudulent transactions and less likely to detect unauthorized card users.