As a business owner, you invest a great deal of time and resources into creating experiences that will please your customers. You study data to provide the right merchandise mix or the right menu and monitor inventory to make sure that in-demand items are always available. You train your team so they can efficiently carry out processes and interact well with customers. You also ensure your store or restaurant reflects your brand and creates a customer-centric atmosphere.
You may not, however, give much thought to how processing credit cards impacts the customer experience. But when lines grow long and customers lose their patience or, worse yet, your business experiences fraud or a data breach, the impact credit card processing can have will be obvious. Here are four ways that your credit card terminal — and the payment processor that it communicates with — impact customer experiences.
Your customers want checkout and payment to be fast. In fact, a TimeTrade survey found that 70 percent of retailers see customers abandon purchases if they have to wait 5 minutes or more. Your customers have grown accustomed to one-click ordering online and using their smartphones for instant access to information. They won’t have the patience to wait at a credit card terminal during awkward or slow payment transactions.
If you’re still swiping credit cards, you probably aren’t meeting your customers’ expectations for a modern payment experience. Consumers want the convenience of using their preferred payment methods. They expect the ability to choose the most convenient way to pay, whether that means they’re using a mobile wallet, contactless payment card, debit card, or gift card. Not accepting your customers’ preferred payment types may give the impression that your business isn’t using up-to-date technology.
In addition to transaction speed and choice of payment method, customers demand payment security. U.S. consumers began using EMV chip cards in 2015, and they’re now in the habit of “dipping” their cards instead of swiping. They also understand that the smart chip in the card communicates with the credit card terminal. This technology provides them with an extra layer of security to protect their accounts from criminals who steal account data and create counterfeit cards.
Your payment processing provider may also offer point-to-point encryption (P2PE) that protects payment data from the time a customer dips a payment card until it is transmitted for processing. Some credit card terminals are designed so payment data bypasses your point of sale system (POS system), so if hackers gain access, they won’t find payment card data. The decisions you make about the payment processing system to use can have a big impact on payment security and the checkout experiences you’re providing to your customers.
Your payment solution can include a second, customer-facing screen. This option allows you to capture signatures and complete payment transactions more efficiently, but also engage customers. They can confirm prices as you enter them and see their total during the checkout process. A second screen also gives you the opportunity to display ads or promotions or other content to engage customers.
Create Payment Experiences that Meet Your Customer’s Expectations
Checkout is usually the last opportunity you have to make a good impression with customers during their visits to your store or restaurant. It’s vital to make your customers’ experiences as positive as possible, so choosing a payment processor and credit card terminal isn’t a decision to take lightly. You need the right payment processing solution to create customer-pleasing, loyalty-building experiences.
The best payment processing solution for your business will also provide you with benefits including a credit card terminal design that’s easiest for your sales associates or cashiers to use efficiently, integration with e-commerce, features that help you meet PCI compliance more easily, and fewer chargebacks.
Contact PlazSales to learn more about payment solutions available to your business.