Payment terminals are made to last a couple of years. That doesn’t necessarily mean you should wait until the hardware breaks down before you opt for an upgrade. There are several different reasons why a new payment terminal would work in your best interest.

We’ll go over the key signs letting you know its time to upgrade your credit card terminal. We also have some cost-savings solutions in mind. Take a look to get started!

Payment Terminal Won’t Accept Major Credit Cards

More and more people are using credit cards than ever before. We believe this trend will be amplified for years to come. If your payment terminal doesn’t allow you to accept all major credit cards, your business might start losing market share.

It might seem easy to think that people can simply switch out one credit card and pay with another – but this isn’t always the case. Customers can become frustrated and decide not to return. Or worse, customers might decide to abort their purchase altogether if they’re unable to pay with their preferred payment method.

Payment Terminal Is Too Slow

A payment terminal that is too slow is likely to create delays at the checkout counter, frustrate customers, and deter people from returning to your business. Your credit card terminal may be slow because of outdated software, outdated hardware, terminal damage, or network issues. Either way, you don’t want those issues reflecting poorly on your business. It’s a sign you should opt for an upgrade.

The Terminal Isn’t Compatible With Near-Field Communication (Nfc) Technology

One of the fastest-growing payment methods to date is mobile payments. Mobile payments use near-field communication (NFC) technology that allows data to be exchanged between two devices wirelessly. This technology is the backbone that allows people to pay with their smartphones, tablets, smartwatches, and other devices.

Your customers won’t be able to checkout with Apple Pay or Google Wallet if your payment terminal isn’t compatible with NFC technology. Giving your customers more flexibility is worth the upgrade.

The Terminal Has Card Reading Problems

A terminal that has issues with reading cards can also slow down the checkout process and frustrate your customers. It’s not a good sign if customers need to swipe their cards several times before the terminal recognizes it. It’s even worse if your business has to manually input the customer’s credit card information. This can result in security breaches, accidental overcharges, and you may even be charged extra by your payment processor. Avoid these issues by upgrading your payment terminal.

The Terminal Isn’t Secure

Fraud and data theft are serious threats that can ruin your business. If a customer’s credit card information is stolen at your business, they will be unlikely to return and may even deter others from engaging with you. On top of this, you could be liable for the damages. The best way to protect your business and your customers is to use a payment terminal that is up to date on the latest security measures and EMV compliant.

Payment Terminal Is Too Expensive

If credit card processing fees are eating up a big chunk of your revenue or if your processor is trying to charge you for a payment terminal – it’s probably time to switch companies altogether. You can still accept all major credit cards while avoiding processing fees by enrolling in a cash discount program. It’s also a good idea to work with a processing company that will give you a credit card terminal for free.

Payment Terminal Isn’t Wireless

A payment terminal that requires an ethernet cable is both outdated and hampering your business. Wireless payment terminals can help you boost sales, improve customer service, and even expand operations. You’ll also be able to take full advantage of festivals, markets, and other events to reach new clientele. It’s time to ditch that outdated hardware for some wireless functionality.

Upgrading Your Credit Card Terminal

Have you thought about upgrading your credit card terminal but don’t know where to start? Finical can help you trade in your old equipment for brand new, state-of-the-art payment terminals. Finical will even walk you through the setup process for free. Best part? You won’t be charged for new equipment!

Finical’s payment terminals are wireless and complete with the latest security protections. Finical also offers mobile payments, online payments, a cash discount program, and customized payment solutions. Get in touch for a free consultation and learn how Finical can boost your business!