Selecting a Payment Terminal: Tips and Factors to Consider

You want customers to have a fantastic experience in your cafe, restaurant, or shop. But how do you choose between the many different payment terminals on the market? In Australia alone, we have access to plenty of amazing solutions. Here are some tips and factors to consider when selecting a payment terminal.

1. Compare features of terminals – Look at the features of the terminals you’re considering, such as the types of cards accepted, wireless capabilities, and customer loyalty programs. You want to make sure that your chosen terminal has the features that will help you best serve your customers.

2. Check ease of use – Next, make sure that the payment terminal is user-friendly, especially if you’re training staff to use it. Look at reviews from users and ask around for feedback on how easy (or difficult) different terminals are to use before making a final decision.

3. Consider security concerns – Security should be a top priority when selecting a payment terminal, so make sure that the one you choose is compliant with all industry standards and regulations, such as PCI DSS (Payment Card Industry Data Security Standard) and EMV (Europay, Mastercard, Visa). As a business, you need to take all the steps possible to avoid problems for you and your customers.

4. Think about customer convenience – Customers tend to prefer payment terminals that offer a variety of payment options, such as contactless payments, mobile wallets, and online payments. Make sure the terminal you choose is capable of processing all desired types of payments. For example, a leading EFTPOS terminal will help you provide a seamless payment experience for your customers and reduce the time spent at checkout.

5. Look for extras – You may also want to consider other features that could benefit your customers. For example, a terminal with integrated loyalty or rewards programs can help create additional value for your customers. Some terminals even allow customers to leave reviews after a successful transaction.

6. Consider the cost – One of the most important factors to consider when selecting a payment terminal is cost. You should also consider ongoing maintenance and support costs, as well as any additional hardware or software that you may require. Be sure to research all of these costs before making your final decision. These days, you will find companies that offer fee-free EFTPOS systems where you pass transaction costs onto customers, so it’s worth finding these.

7. Check compatibility – Furthermore, you should make sure that the payment terminal you select is compatible with your current systems and networks as well as any future upgrades or changes you plan to make. Doing so will ensure the smooth running of your business operations and customer transactions.

8. Analytics and finance management – Look for a payment terminal that provides insights into sales and customer behaviour, as well as detailed financial reports. This will help you to better understand your customers and their purchasing habits, as well as provide you with the ability to track your financials.

Although choosing a payment terminal may seem like a simple decision, it’s important to take the time to understand what features and capabilities your business needs. By considering these important tips and factors, you will be able to make an informed decision that will benefit your business’s operations and customer satisfaction!

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