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By now, you should be cranking through your holiday checklist. As you’re getting everything set, there’s one thing to make sure you don’t gloss over: upgrading your point of sale (POS) to accept chip cards and mobile payments.
If you’re thinking “I don’t have time to do that before the holidays,” that’s an understandable concern. But upgrading your POS is actually a much quicker (and more affordable) undertaking than you think. You can set up the Square Reader for contactless and chip in just minutes, ensuring your business won’t skip a beat as you head into your busy season.
Beyond the fact that it’s easy, here are five more reasons to start accepting chip cards and mobile payments before the holidays kick into high gear:
1. Chip cards are now the standard.
Chip cards are the norm — nearly 90 percent of consumers now have them, and most large retailers are now processing them. So if you don’t have a chip card–enabled terminal, you’re officially behind the times, which isn’t the best seasonal look.
2. A new POS could protect you from fraud charges.
Besides chip cards now being status quo, there’s another reason to upgrade your POS. Upgrading could prevent you from being saddled with unwanted fraud charges. Under the liability shift (refresher on that here), business that aren’t set up to accept chip cards could now be on the hook for certain types of fraudulent transactions. Which is definitely a holiday bummer to avoid.
3. You’ll improve your customer experience.
Long checkout lines (which, unfortunately, are commonplace over the holidays) aggravate customers — 37 percent of consumers report that slow lines are a top pain point when shopping. A mobile payments POS is an effective way to help prevent this aggravation, thereby improving the customer experience during a crucial time for your business. Mobile wallets like Apple Pay are the fastest and most convenient of all payment methods, which means your customers can get out the door as quickly as possible. The Square Reader for contactless and chip is also one of the faster chip card readers on the market. The transaction speed is just 4.2 seconds, whereas other solutions can take up to 13.
4. You’ll have the latest in payments security technology.
Magstripe cards are shockingly antiquated and susceptible to fraud (which is why we’re getting rid of them). Chip card and mobile payment transactions, on the other hand, are protected by the most sophisticated fraud detection technologies out there (which is why we’re adopting them). As the holidays hit and your transactions surge, there’s no better time to adopt a payments solution that’s up to date with these security advancements.
5. You could make more money.
Not only are mobile payments the most convenient (and secure) way to pay, it turns out some consumers seek out businesses that accept them. In a recent study we conducted, most respondents who used mobile payments reported a likelihood to seek out stores that accept them. And most also stated that they tend to spend more (and tip more, in fact) when they use mobile wallets to pay. So a new POS could mean a baked-in holiday bonus.
Setting yourself up to accept chip cards and mobile payments is easy and affordable. It keeps your business up to date, makes sure payments are secure, and helps provide a better customer experience. And it could even increase your sales. So hop to it.