When You Should Upgrade Your Payment Processing Equipment
Many merchants, for years have refused to upgrade the outdated credit card terminals they use to process everyday transactions. It may seem costly to upgrade your terminals, but refusing to do so could cost you more in the long term. Your processing equipment is the front end of your business, meaning much of your profit comes in through all the transactions your terminal processes in any given day. Here are some signs your terminal is due for an upgrade:
Your hardware is old
If you’re running extremely old hardware from the 2000’s or earlier, it’s obviously time to upgrade. Although your hardware may still work, it’s likely the software running it is a bit dated. This can cause security issues which will cost you. In the event of a security issue, you, the merchant, will be held responsible for any fraud that does occur. Upgrading and starting fresh with a more modern terminal is a good way to insure yourself against liability. There are many choices of terminals with different features that can better accommodate your business.
Keeping up with your competitors
You may not need to have the best and newest hardware and software, it’s a good idea to keep up with the trends in industry. You may notice many stores are now accepting tap and pay, or NFC payments via mobile wallets. Apple Pay, and Android Pay are becoming popular methods to use at the register, because they take less time, and requires no card to be present. The new technology could even pay for itself. Upgrading to accommodate new trends can help you increase the amount of people willing to return to your store or restaurant, driving sales up. Especially among millennials.
If you are aware that your technology has some major security flaws, it is time to upgrade. If you know that upgrading your software or hardware will make your business more secure, it’s a good idea to start that process early. Upgrading can help patch up any security holes, keeping crooks out and saving you money.
When it costs more money for repairs
When it comes to keeping around older hardware and software, more goes into keeping it alive. Old hardware may begin to break and require more repairs than worth fixing. As with software, the company that initially wrote it may no longer be maintaining it full time. Finding someone to keep up with building on top of old software can cause major frustration, and take up a huge majority of your time.
As with many things, always know where you stand, and follow guidelines and trends. We know that upgrading software and hardware can seem like a daunting task, especially when you are aware that it must be done to keep your business safe. Following trends can get costly, so it’s important to make sure that when you are ready to upgrade your equipment that it’s something that will benefit your business. Don’t just jump on a trend because you think it will make you money. Doing this can cost you more in the long run and cause more confusion for your customers if it complicates the process.
Tidal Commerce is here to help you uncomplicate your setup, and reach your business goals. If you have any questions or would like to learn more about maintaining your existing terminals or POS, contact us. We are more than happy to help you find the best solution to fit your needs.