How Businesses Should Modernize Their Payment Processes

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New year, new beginnings. If you’re looking to jump-start your business growth, one area to evaluate is your current payment methods and processes. Since money fuels your business, it’s important to have the best tools in place to effectively accept, process, and secure every sales transaction.  

It can be difficult to keep up with today’s rapidly evolving payment and retail technology, but you can easily transform your business by adopting these four modern payment methods:

1. Chip Card Security

Since standard magnetic-stripe cards have long been vulnerable to fraud, EMV chip card technology was created by Europay, MasterCard, and Visa to make credit card transactions more secure. These tiny security chips embedded in new credit cards being issued by most major providers create a unique impression every time they’re used. Instead of swiping, customers insert their card into a reader until the transaction is complete.

Soon all customers’ cSquare_EMV_Chip_Card_Graphic.pngredit cards will contain EMV chip technology, and they’ll expect all businesses to use chip readers to accept and secure their transactions. As a business owner or manager, this is even more important now that the liability shift went into effect in October of 2015, meaning for certain counterfeit transactions, the liability shifts to the party with the less secure technology.

Your business can join the migration to EMV chip technology and reduce your liability by using POS (Point-of-Sale) systems with chip reader technology, like our partners at Square.

2. Near Field Communication-Enabled (NFC) Mobile Wallets

Near Field Communication (NFC) technology allows smartphones and other connected devices to wirelessly and securely transmit information to payment readers. This seamless communication between devices allows for contactless payments that are just as secure as EMV, but also a lot faster. The convenience and speed of NFC technology means customers no longer have to carry around physical wallets, since their smartphones can contain all their payment account information.

So what does this mean for small and mid-sized businesses? You need contactless payment technology, like Square, that accepts payment from NFC-enabled mobile wallet apps like Apple Pay, Android Pay, and Samsung Pay.

3. Digital Invoices

No one likes dealing with paperwork. Digital invoicing can help make the necessary evils of running a business a little less painful and a lot faster and more organized. Wouldn’t it be so much easier to send invoices straight from an app on your mobile device? With modern payment technology like Square Invoices, you can! And you can keep track of all the invoices you’ve sent out in a single cloud-based dashboard for fast and easy access on-the-go.

4. Syncing Payment and Inventory Management Systems

Once you have a secure and effective POS system in place that seamlessly accepts mobile wallet and chip reader payments, you’ll want to make your life even easier by integrating your payment system with your inventory management software. Not only will this ensure you’re never overselling items across your various sales channels, but it will save your team time by automatically connecting critical payment, customer, and order information into a single cloud-based hub. A great example of this is Stitch Lab’s integration with Square.

Whether you sell at the counter, online, or on-the-go with Square, Stitch Labs will track your inventory in real-time across all your sales channels, so you can focus on growing your business.

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This year, businesses will experience a big shift in the way customers expect to pay for things. Make sure your business can securely accept all sales by modernizing your payment systems, and implement and integrate scalable inventory and eCommerce technologies that will grow along with your business.

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