Cashless transactions have become the norm in the modern business landscape, and as a business, it is vital to upgrade your payment systems to suit these trends. A primary step you have to take is investing in the right card readers to help ease consumer payments. Here, we look at seven tips for choosing the best card readers for your business.
1. Speed
When it comes to completing a transaction, each second is extremely valuable, and your business needs a credit card scanner that takes the shortest time to complete the scanning process. High-performance options should offer you top speeds of up to 0.035 seconds per frame to ensure important details are captured almost immediately after a credit card is scanned.
2. Security
As credit card fraud continues to be a major concern for consumers and businesses, you need a card reader that does not leave you vulnerable to cybercriminals. To stay safe, always settle for card readers that meet the PA DSS and PCI DSS security standards. Most importantly, choose a scanner that does not rely on data transmission during its scanning process to eliminate the risks of man-in-the-middle attacks.
3. Reliability
Make it easy for your consumers to complete their payments at any moment by using card readers that have high levels of accuracy even when the conditions are a bit flawed. This will save your customers from the frustration of having to scan their cards again because of poor lighting conditions or perspective distortions. Your business will also not have to lose customers because they have worn out cards, as vital details will easily be captured without any hustle.
4. Compatibility with your POS system
Your card reader needs to be compatible with the point of sale (POS) system that you are using for instant verification of all transactions. As such, you need to consider your existing payment setup when choosing card scanners for the much-needed convenience when monitoring your cash flow.
5. Costs
There are various costs you will have to incur once you acquire a credit card reader, and you need to predetermine these expenses. You not only have to pay for the hardware and software usage but also the payment processing fees and other service costs. It is therefore critical to do your homework before choosing any solution taking into account your current business needs and financial strength.
6. Supported payment systems
Your business serves a broad base of customers, and you need card readers that can be used with all types of credit and debit cards. This calls for options that support all popular payment systems such as VISA, MasterCard, UnionPay, Discover, and American Express, among others.
7. Channels of use
In this age of eCommerce, you need card readers that can be used in-store as well as online. Therefore, you should prioritize getting scanners that can be distributed for mobile, web, and server apps without impacting the quality or speed of the scanning process.
Endnote
Card readers play a fundamental role in your business and you need to choose the best options in the market that meet and exceed current customer expectations.