5 Reasons to Upgrade Your Payment Processing System

It seems that everywhere you look these days, new forms of payment processing are emerging. From paying via your smartphone to contactless payments, biometric technologies and digital wallets, there are countless ways for customers to pay. Are you keeping up?

Though it may be tempting to adopt the latest and greatest payment processing systems, take time to research and decide carefully whether or not the investment is worth it. The following are some of the main signs that it’s time for you to upgrade your payment processing technology:

  1. You Use Out of Date Technology
    While it’s costly and impractical to update your payment processing hardware every time an upgrade comes on the market, eventually the time will come to make a change. Your payment processing system will eventually reach the end of its life, when it is no longer fast enough or current enough to handle the types of payments your customers want to make.
  2. New Forms of Payment Become Standard
    If you watch major credit card companies and big retailers start rapidly adopting a new and advanced technology and you feel as though you are getting left behind, you probably are. For example, big players like Apple and Google have chosen to create standards for NFC (near field) payments. This means this technology isn’t likely to go anywhere soon. In order to deliver the best possible experience for your customers, you should make the upgrade.
  3. You’re Missing Out on Sales
    There is a danger to not keeping up with advancements in payment processing. New technologies can be expensive, but you first must consider what your return on investment will be. If you choose not to invest in new equipment, you could be alienating customers and giving them incentive to shop somewhere else. If you find that your customers are asking to pay via mobile device, and you don’t offer that option, this is a major sign that it’s time to upgrade.

  4. Your Competitors are Upgrading
    If you start to see your competitors trending towards a certain type of payment processing, it’s worth investigating. If you determine the technology to be more than a passing fad, and your competitors are seeing success from it, it may be well worth your money to make the investment.

  5. You Are Exposed to Security Risks
    Using outdated payment processing technologies can leave both your business and your customers exposed to security risks. It’s essential that you build trust with your customer base, so having the most secure, risk-free payment options will help you foster a relationship with them. With a rising number of credit card data breaches making headlines, upgrading your POS software, payment terminal hardware and policies could go a long way to retaining customers and maintaining their trust.

Are you interested in upgrading your payment processing system or POS terminals? Reach out to MALAQY today. Our experts would be happy to guide you through your options and help you select the right solution for your business.

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