Similar to how an online retailer is keen on finding the best online payment gateway for his/her business, an important goal of a physical retail store owner is to identify the best swipe machine company or POS service provider. We are rapidly advancing towards becoming a cashless economy. In today’s vibrant digital payments scenario, it is really not feasible for you as a business owner to stick with only cash payments. Unless you diversify your payments acceptance range, you will invariably lose out a valuable chunk of customers to your competitors.
Outsourcing to the right Swipe Machine Company
Unless you are well-versed with the different POS and payment gateway niceties, it can be quite challenging to find the right swipe machine company or payment service provider to meet your business requirements. Here are 5 useful tips to make the right choice:-
- Ease of Application and Installation Process
About two decades ago when the first card swipe machines were provided by banks, there was a sort of monopoly in the market. There used to be a lengthy application procedure, tons of paperwork, and a long waiting period for approval. Thereafter, the installation used to take a lot of time and efforts, with a lot of drilling, wires, and cables involved. All of this has completely changed now. There are several highly seasoned POS service providers who ensure that the application and on-boarding involves minimal paperwork. The service is fast and installation is hassle-free.
- Good Acceptance Range of Cards
There is no point in outsourcing to a swipe machine company that offers a limited cards acceptance range. An important activity that you can do is to survey the debit card and credit card variants that are most utilized by your target market segments. Based on this, you can express your requirement to the swipe machine company and see how well they accommodate your specific needs.
- Security Compliance
With the high incidences of data fraud and card cloning today, it is vital to have iron-clad measures in place for card data security and the overall safety of transactions. If you are opting for a conventional card reader, make sure that it complies with Payment Card Industry Data Security Standards (PCI DSS). If you opt for an advanced POS with in-built NFC reading capabilities, the highest encryption levels compliance is a must.
- Good Connectivity and Dedicated Support Services
Poor connectivity, downtime, and network error are the worst aspects of using a card swipe machine. Given our profound technological advancement today, there is really no excuse for not having good network connectivity for your POS systems. Be it for a payment gateway or a card swipe machine, one of the best ways of identifying the best service provider is by gauging their support services. Ask for a free trial run or check out reviews of their after-sales services and support services. Especially in the beginning when your employees are not accustomed to the new POS device or operating system, it is all the more necessary to have a dedicated customer support line that remains functional all through the operating timings of your store.
- Convenient Settlement Process
When one speaks of a reasonably good settlement process on part of a swipe machine company or a payment gateway, we look at the cost structure from all aspects. To begin with, you have the installation cost. This can be foregone if the on-boarding process is online. The cash flow to your business should not be hindered because of an unnecessarily complicated or lengthy settlement process. Also the commission has to be reasonable and in proportion to the volume of transactions. Given how all POS systems are digitized nowadays, the concept of monthly rentals has taken a back foot. Make sure you take clarity on the costing and the settlement procedure before going ahead with outsourcing your requirements.
Aspects like payments security, speed, efficiency, convenience, minimal holding period, and so on are common guiding points for all business owners, be it to find the right payment gateway or to entrust your requirements to the best swipe machine company. Since these investments are usually one-time (and the transition from one POS or payment gateway to an altogether new one can be complicated), it is best that you scrutinize all the possible factors and make the right decision.