Retail stores are booming with customers coming in shopping and regardless of e-commerce stores on the rise, people still are shopping at retail stores. With all the new technology available for customers to use for payments, it’s important for retail stores to keep up with the newest payment systems. When retail merchants give customers a variety of payment options, the retailer has a higher rate of retaining the customer for future purchases.
Customers today want options when making a payment, the quickest and easiest method usually wins out. Most people are attached to their phones constantly, they are unable to go anywhere without them, this caused the need for financial transactions to be conducted from phones.
Invest in your Store
Investing in the right credit card processing systems for your retail store can really help with the growth of your store. The latest credit card processing systems offer many features and are able to usually link up perfectly with POS systems. With the added security of credit card processing, you can give your store a more enhanced and secure way to process transactions.
Build Up Your Brand
When retailers have the most updated systems that give their customers flexibility on how they choose to purchase goods or services it provides the retailer with an edge over the competition. Customers often talk about their experience in a store, especially if it is really good or extremely bad. Having an updated retail store with advanced credit card processing terminals, your retail store is setting a standard and displaying that they are up to date.
Customers enjoy a non-complicated and simple shopping experience, from the time they enter the store to the time they check out. The more smooth the experience is, the more the brand is strengthened by positive reviews and comments. Constantly staying up to date is always very crucial to a retailer’s success. When retailers stay stagnant is when the brand eventually suffers and loses its edge.
Amp up Your Marketing
Having the right marketing techniques to advance your growth is key to having a successful retail store. When credit card processing systems are linked up with updated POS systems, they can enable great marketing campaigns with the use of systems such as G.O marketing, loyalty programs, and customer registration. The idea behind retail marketing is getting the customer back into the store to purchase more items. Updated credit card processing systems can reach out to your customers about current sales, promotions, and daily deals.
Safer Store Security
With a high volume of transactions, the retail merchant’s process throughout the day always leaves the liability of encountering a fraudulent transaction. With the use of credit card processing terminals which are EMV compliant, can reduce a retailer’s liability on fraudulent transactions. The EMV chip in credit cards uses a special encrypted code for each and every transaction in order to minimize any duplication of credit cards. Since the introduction of EMV chips on cards, the fraudulent transaction rate has greatly diminished.
Mobile Wallet Payments
More and more people are turning to their smartphones to use for transactions vs their physical cards. It has shown to be safer to use a mobile wallet than an actual credit card. During checkout, the customer taps their smartphone to the credit card terminal, the two connect through NFC(near-field communication) and a transaction is processed and completed. It’s fast, easy, and convenient for the customer. It helps faster transactions and keeping lines down in the store. The privacy and security settings on the mobile wallet are very efficient, making it very difficult for an unauthorized person to make a fraudulent transaction.