Knowing what type of card payment processor your retail business needs can be a long process of weighing various options and considering your customers' needs. However, implementing a modern payment technology module in your store may be just what it needs to boost profitability and day-to-day efficiency.
If your retail business wishes to operate at a fixed location, be sure that you have the most updated payment terminal. With the landscape of credit card terminals changing drastically due to new regulations and forms of payment, you need to make sure your business is ready to handle whatever comes your way. Try choosing a terminal that not only runs off of Wi-Fi, but also accepts EMV chip cards and contactless forms of payment.
For … more
As technology drastically changes from year to year, it may be overwhelming to keep up with the latest trends or advances. However, with an efficient cloud-based, tablet point-of-sale (POS) solution, you will not only streamline your restaurant's business practices, but also see a boost in revenue through an improved way of interacting with your customers.
Many smaller restaurants and businesses have been reluctant thus far to adopt cloud-based solutions due to concerns about the security of their data and information. However, Tim Harmon, a principal analyst at Forrester Research Inc., explained to The Wall Street Journal that these concerns will lessen as many owners realize their information may be safer on a vendor's servers than "on a hard drive in the back of … more
Retail Dive reports that of the businesses surveyed by Randstad Technologies, only 58 percent stated they are actively preparing or making the EMV chip transition. Despite this resistance, the same survey reported that two-thirds of IT professionals said that chip cards are needed to enhance fraud security for businesses.
Each year, card fraud costs the U.S. economy around $8 billion, however, many experts have stated that if there is not increased adoption of EMV technology, this number will rise to over $10 billion. One of the major efforts behind this EMV transition is to lessen the chances of card fraud, yet through businesses delaying the transition, they are instead facing an even greater liability.
This October deadline, is not truly a deadline, as it is … more
In your daily business practices, it is important to know that though card payments make paying easier for you and the consumer, they do not ensure that payment will occur. In order to protect your business against fraud, customer disputes and charge-backs, there are a few risks and suggestions for protecting against them you should keep in mind.
Always be wary of customers who wish to pay with numerous cards from the same bank. You can know that the cards were all issued from the same bank if they have posses the same first six digits. Though it is common for buyers to have multiple cards, they are usually issued from different banks as it would not be wise to have numerous credit cards open from a single bank.
Furthermore, when dealing with customer … more
The world of beacons has just gotten more convenient. Ars Technica reports that Google will now be launching a new, cross platform, open-source format for Bluetooth Low Energy (BLE) beacons, called Eddystone. It was created to combat the problems in existing beacon services and unlike its predecessors, it is easily compatible with both iOS and Android devices.
This new beacon technology will be able to support multiple frame types, which will perform a wide array of functions. Google stated that existing beacons can be tailored to fit the Eddystone format, which will mean that different beacon vendors will be able to use the same system for varying purposes. NFC World reports that Bluetooth beacons are one-way communications, where the goal is to provide a means … more
Managing a city, town or county is no small task, particularly when it comes to collecting fees. Residents may accrue traffic violations, parking tickets and other debts that penalize irresponsible conduct and help maintain the efficiency of the community's revenue cycle. This is to say nothing of taxes, license fees and other sources of revenue. Having the ability to collect on these payments effectively is critical to keeping the community's finances healthy.
However, this is easier said than done in places where paper systems are still dominant. The long lines and red tape that many consider synonymous with government can make it challenging for administrators to manage the volume of payments they're due to receive. One of the best ways to accelerate the revenue cycle for a … more
One of the hurdles to implementation for mobile payment technology is the cost of adopting new physical systems compatible with methods like Apple Pay. Samsung stands to take what observers call an "early lead" on the marketplace due to its acquisition of LoopPay.
"LoopPay developed a technology called Magnetic Secure Transmission (MST) which will be integrated into new Samsung phones," reports John Heggesteun of Business Insider. "The technology will allow mobile users to pass their phones over a typical credit card reader to make a payment. In addition, Samsung Pay users will also be able to pay by presenting a barcode to be scanned at checkout."
This means that a higher number of merchants should be able to accept Samsung Pay payments sooner than its competitors, as the … more
Whether you've just signed the lease on your first store or you are considering expanding to new locations, its worth taking the time to consider your current and future point-of-sale (POS) system needs now. In your market research, you have likely already stumbled upon how retailers and restaurants are moving away from bulky cash registers and replacing them with sleek tablet mobile payment systems.
Thanks to advances in mobile devices and cloud technology, cash registers have become increasingly rare, and for good reason. A smartphone or tablet can provide the same functionality, in a more streamlined manner that improves the customer experience. Customers gain the option to have receipts emailed to them instead of printed, can clearly view … more
"For several years at least, many employers with a large non-exempt workforce – particularly in the retail and hospitality industries – have moved towards pay cards as a means to reduce payroll administration costs," explains JD Supra, business advisor. "Most states either regulate pay card systems lightly (with fairly minimal disclosure and free withdrawal requirements) or not at all."
Some of the NYSDOL-proposed regulations include:
A description, in plain language, of all employee … more
As the original rollout date approached, some observers were surprised to hear that Samsung delayed the launch of Samsung Pay until later this year. The platform will be available to merchants in September and leaders at the company said the delay will allow Samsung to fine-tune some details about the service.
"If anything, we think that by the time we launch (in September), that we will have significant announcements associated with which banks, which networks are participating with Samsung Pay and even which merchants and which programs attached to merchants will all be a part of Samsung Pay," Will Graylin, global Co-GM of Samsung Pay, told PYMNTS. "And that's just a slight hint into what will be coming. Samsung Pay is in a great position."
Aligning partners is one of the … more