5 Credit Card Processing Mistakes Small Businesses Make
Every day small businesses perform credit card transactions but don’t realize some of the mistakes they’re making. Connecting with a merchant services provider can help to ensure the following five mistakes are avoided.
1. Not choosing a quality POS system
Merchants who deal with a large amount of inventory will find value in a high-quality POS system. Without it, staying organized can be harder to do because a low-quality POS system will not be able to handle many of the details merchants need to track. However, a good system that can streamline and automate time-consuming tasks will save small business owners both time and money.
2. Using outdated equipment
Consumers today expect rapid service and many of them prefer to swipe or tap their payments. Retailers and other merchants using outdated equipment often find themselves dealing with frustrated or non-returning customers if they experience long waits at checkout. Also, important to consider is the fact mobile credit card processing is on the rise and, moving forward, is something small business owners need to take into consideration when looking at merchant services options.
3. Not learning what equipment can do
While investing in high-quality POS equipment is a smart strategy, merchants that don’t take the time to thoroughly learn how to use it and take advantage of its advanced features will find themselves making a big mistake. They should ensure the system is installed correctly and employees are trained – this way they can achieve the best results.
4. Installing POS the DIY way
While some of the most simplistic systems are easy to install, most modern POS equipment should be installed professionally by a POS merchant services expert or a hardware vendor. During installation, little things can go wrong that create big headaches, especially if EMV readers are installed incorrectly. Getting it done right the first time ensures no disruption or downtime.
5. Neglecting security
Data breaches are a serious issue with costly consequences. In 2018, 41% of small businesses suffered a data breach and these occurrences persist into 2021. To prevent a costly mistake from occurring, businesses need to ensure their POS equipment meets security standards. It’s vital for businesses to ensure their POS meets PCI-DSS compliance standards. This includes unique IDs for users, encrypting Wi-Fi, setting secure passwords, and separating the POS network from other networks.
Many of the most common mistakes small businesses make with their POS equipment can be mitigated by taking extra steps and learning about the features that come with their system. Partnering with an experienced services provider can also ensure small business owners are getting the most from their systems and help them to avoid costly mistakes.