Today, consumers are using more payment methods than ever before. Credit cards are more popular than ever, and many shoppers are going completely cashless. Mobile payment tools such as Apple Pay and Android Pay have also picked up steam. Businesses can set themselves up for success by accepting a wide range of payment methods.
The traditional style of credit and debit cards using a magnetic strip to communicate with the point of sale system. Consumers or employees swipe the card through the reader, hence the name.
More recent cards use a small, embedded chip. This is more secure than traditional swipe cards. Every business should at least accept the two main types of credit cards for payments.
Using a technology called Near Field Communication, consumers’ smartphones can become payment methods. This can use a general app such as Apple Pay, Android Pay or Samsung Pay. Alternatively, many retailers offer their own loyalty applications with similar setups. Paying with smartphones is more growing quickly in popularity.
Some of the most cutting-edge point of sale system companies, such as Merchant Account Solutions, are offering terminals that accept smartwatch payments. This is the next evolution of NFC phone payments, and perhaps a glimpse of things to come.
Paying using eChecks is most common online. However, being able to accept them is valuable for any business. It’s one more way to make things easy for your customers.
Accepting all these payment methods means that it is easier for customers to pay. Better yet, consumers who pay using a method other than cash are likely to spend more money. In short, every business needs to accept these methods.
If you are looking for a point of sale system, the variety of payment options available should be a key consideration. As one option, consider the Revel POS. Designed for food service and retail applications, it makes accepting payments easy.