The Best Technology in Merchant Processing
Jul 25, 2017
In the past, merchant processing did one thing: processed credit cards. Today, merchant processing companies need to keep up with changing consumers and changing business models, which means they must
merchant processing companies need to keep up with changing consumers and changing business models, which means they must become more technologically advanced. When searching for the right merchant processor for your business, consider these technological advances.Payment AcceptanceDebit and credit card companies started embedding their cards with EMV chips in the past couple of years, requiring many businesses to install new card readers. POS systems that wish to remain relevant must be able to accept these newer, safer cards. An excellent system will also be able to accept payments via smartphone as an increasing number of people use systems like Google Wallet and Samsung Pay for their purchases.Customization OptionsNobody wants to upgrade their POS system every year or two, so merchant processing companies must create systems that are customizable and able to grow with the businesses that use them. This means making it easy to install new software features and add new hardware on as needed. Companies that create customized systems find it easier to keep businesses using their services.Better SecurityOld POS systems are vulnerable and merchant processing companies understand this. They’ve remedied the problem by implementing newer and better security measures into new POS systems. These multi-layer measures include data tokenization and end-to-end encryption, among other security features.Open Source AppsNo matter how much a merchant processing company brainstorms, they’ll never cover every idea. Companies that use POS systems with app options often allow first-, second- and third-party developers to create new apps, which are then thoroughly vetted for security. These apps can do everything from help you schedule the work week for your employees to allowing you to accept checks from those who still wish to use them.
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