The Payment Communication Landscape is Shifting. What Payment Systems will You Choose?
“Sorry, we only accept cash.” How many times have you been to a market or a promotional event and seen something that you love, only to be told that a cash payment is your only option? There’s a good chance that you’ll walk away disappointed, and that small business owner has just lost (another) sale. This scenario, thankfully, is becoming less common as the race for multiple payment options is changing the payment communication landscape.
If you are a small business owner, or you find that you need to accept card payments at events, over the phone or at your client’s door, then you’ll be excited to see the variety of options available to you now.
Integrated Payment Systems
We all agree that the Point of Sale (POS) device is a vital piece of equipment. However, we demand more from it now than ever before. We want to accept card payments, yes, but we want them to be fast, secure, and work seamlessly with other key applications within our business.
Integrated payment systems have the ability to link your POS devices to your accounting system, customer relationship management (CRM) software, stock control, etc.
What are the benefits of this payment system?
They include:
- Faster transactions
- Simple and accurate reconciliation
- Transparency which helps to eliminate fraud
- Reduction in human error (E.G: Incorrect data entry)
- Less time spent on linking or transferring information from one business application to another
- Greater transaction security
GPRS/GSM + Wi-Fi Payment Systems
Credit and debit cards are the payment option of choice for most people, and especially so in an environment where some may not feel comfortable carrying cash on them. This means that small businesses, or any institution which accepts payments, needs to cater for this fact.
A POS device in a shop is commonplace, often linked to the company Wi-Fi or landline and resulting in a quick and smooth card transaction. What happens if (or rather, when) the electricity goes down or the Internet connection is lost due to poor maintenance or cable theft?
Many businesses are opting for a bank card terminal PLUS a SIM to allow for GSM connectivity to assist in exactly this scenario.
A SIM allows your POS to maintain connectivity and continue processing card payments via a mobile link – even in the dark. Depending on your chosen system, some allow for a connection to the strongest available network to ensure maximum uptime and fast processing.
The option of mobile card payment terminals is an excellent one if you are likely to process card payments on site, at an expo or business event, a market, or even when making door to door sales. Cellular networks criss-cross most of South Africa, allowing you to accept money whenever and wherever.
Added to these benefits is the elimination of the ever-present danger of carrying large sums of cash after an event, hoping to get to the bank for a quick deposit. (Not forgetting the associated costs!)
Of course, the contactless payment systems have taken electronic payments to the next level with tap-to-pay options, Zapper, Apple Pay, Samsung Pay, Fitbit and so many more. However, all these clever devices need one thing: connectivity.
The Evolving Payment Communication Landscape
We see so many changes in the technology supporting card and other payment systems that we need to be prepared for whatever the future holds. It’s becoming increasingly clear that small businesses, large corporate entities and one-man sole proprietors all need a stable, reliable and cost-effective connection to ensure fast and accurate payments.
Have you been struggling with your payment options? Yes, there are so many solutions available and much of it is written in techno-speak and is almost unintelligible to the average person. If this is your battle, we’d like to encourage you to chat with the Huge team. We have made it our business to help your business in a clear, concise and cost-effective way.
Call us on +27 878 200 220
