Often, business owners and merchants do not realise the inconvenience customers face during checkout. This lack of realisation especially happens if you primarily come under a traditional store category but have some business dealings online, through the business website.
Hindrances in gateway payment online can lead to lost revenue and more abandoned carts as consumers want a quick transaction and do not want to risk compromising their card details or money. The most viable solution to this is to upgrade and update your payment gateway mechanisms systematically.
But how do you know that it is time to upgrade your payment gateway? Well, there are several warning signs to keep track of when looking to optimise your customer’s experience. The following are some indications that it is time to make a change and look for new payment processing options.
Your Payment Terminals are Slow and Frequent Timeouts
Outdated software or hardware, terminal damage, and network and security issues can lead to a much slower checkout process. Payment is the last step of the shopping experience. If the customer has enjoyed all your services and products, having a terrible payment experience can ruin their impression of your store or business.
It is also highly likely to discourage them from purchasing from your store again due to the unpleasant experience. Now more than ever, where people are skeptical of giving their card details due to fraudulent transactions, slow and obstacle-laden merchant payment processing systems can make consumers doubt your credibility.
In times like these, where the terminals are getting slower by the day and there are frequent timeouts, it is time to upgrade to new terminals. Slow, outdated, and clunky transaction terminals that you have been putting to use for more than ten years or so are unfit to offer the experience your customers expect from you. Upgrading the system can eliminate these issues and make it a mutually beneficial experience for both the customer and the merchant.
Your Payment Terminals are Not Secure
As mentioned earlier, getting credit card information stolen is a considerable concern for online payments and one with severe consequences for all parties involved. If the customer puts their card information in your payment terminal, and a system breach causes their card details to get stolen, you become liable for the loss. This lapse not only puts you on the brink of losing a customer who could have given you business in the future but also significantly impacts your reputation within your industry.
Caution is always better than cure. Following this philosophy, you should update your payment terminals well before such a situation can occur. Employing technologies such as EMV (Europay, Master Card, Visa) or a chip and PIN system ensure far more secure gateway payments online than a simple magnetic swipe.
Technology in the banking system and transactional developments has changed drastically over the years and continues to. While it is not possible to always be on top of the latest gadgets as it is cost-inducing, you must ensure that your technology can perform commonly used features.
If your credit card machine is too old to be EMV compliant, you will be responsible for any fraud charges, which can quickly add up to a considerable sum of money. However, if you are EMV compliant, you will not be liable for a fraudulent chip or swiped transactions. EMV non-compliance fines are hefty and can sink your business if they go on for an extended period. Additionally, a breach can hamper your reputation in the market. Therefore, it is always a rewarding decision to take it seriously.
You are Stuck Behind a Counter with Limited Facilities
Most physical stores use Ethernet-connected card swiping machines that are facilitated from behind the counter. Many businesses overlook how much they can benefit from mobile and portable payment processing methods and how vital their integration into business is. With contactless payments becoming the norm, you must consider investing in WiFi and 3G-enabled terminals that give you the liberty to carry out sales from anywhere.
Furthermore, customers want to pay through different means and like to choose from when making transactions. Many modern customers even prefer UPI to traditional card-based transactions for security reasons. Limiting these sales channels will only negatively impact your business. Doing this also widens the avenues from which you can acquire business as these payments you can receive from anywhere and at any time.
It is essential to ensure that merchant payment is made in businesses through multiple channels seamlessly wherein retailers and buyers are content. However, business owners often deem the upgrade of payment processing irrelevant. This belief is entirely false.
With Wibmo’s advanced technology, you avail the benefits of mechanisms that are up to date and enable the best experience for your customers!