5 Sure Signs That You Need to Upgrade Your Credit Card Processing

You feel a bit weird about paying by card when the merchant puts out an old-fashioned card terminal. It is full of scratches and looks like it was made in 2002. It is falling apart, yet it can still take a payment – but then, what about its security standards? Exactly – outdated. 

The same rule applies to your business. Come out with a brand-new terminal, and people will know that they can leave themselves in good hands. Most merchants refuse to upgrade outdated equipment, though – if it works, why would you pay extra? This mentality will end up costing you more overtime. 

Choosing the best merchant processing for small business starts with your capability to understand that this is a necessity. But then, what is the perfect time to renew your card terminals? Here are some sure signs that your equipment needs an upgrade.

When payments take ages to process 

Just as you prioritize the security and efficiency of your payment processing system, it's essential to consider the platform's reliability and compatibility with modern standards. With options like stripe for nonprofits, you can ensure that your organization stays up-to-date with the latest technologies, providing a smooth experience for donors while safeguarding their sensitive information. Upgrading can streamline your payment processes, reducing delays and ensuring that transactions are processed swiftly and securely.

Moreover, recognizing signs of inefficiency in your current payment terminals is crucial for maintaining smooth operations. If transactions take longer than expected, it may signal the need for an upgrade to ensure optimal functionality.

Normally, your customer should be able to tap the terminal with their card and their phone, then be given a receipt within a few seconds only. If it takes more than five seconds, you should consider an upgrade. If it takes more than 10 seconds, you need an upgrade as soon as possible. 

Whether the system is too old or it needs an update, is up to a professional to determine. Sometimes, you might need brand new equipment. Other times, you may need a software update only, especially if the terminals are still in good condition. 

With time, these issues will aggravate. You will notice that the terminal may end up freezing sometimes – it could do with a reboot, but customers will hate having to wait for a few minutes for the payment. Processing disruptions will also kick in.

When you have occurring hardware issues 

This is another sign that your system needs an update. If it happens one time, fine – it might have been a small error. But if you keep getting issues with the hardware, it is obviously time to upgrade your card processing equipment. 

Power failures are some of the most common problems, and they often do with a reboot, but this solution is temporary. This is a sign that something is wrong and your system seriously needs an upgrade. Moreover, such problems will arise when least expected – such as when you have a queue. 

Many modern companies rely on cloud-based systems because they can save your data, but they will also prevent all sorts of hardware-related trouble. Older systems are hard to deal with because repairs are expensive, and finding parts is nearly impossible.

When repairs cost too much 

The more often you need to repair the system, the more obvious it is that you need to upgrade the system. When it comes to keeping old hardware alive, you will soon realize that parts are rarer and costs are higher. 

They are difficult to repair, as modern technologies make things super easy to fix. Plus, if you think about it, repairing the system a few times a year will soon outweigh the cost of upgrading it. Simply put, there is no value for money. 

As with most other things in life – your TV, car or computer, to name a few, you should know where you stand. Sometimes, a fix is alright. But if you keep facing problems and they become more and more frequent, you should just consider an upgrade.

When trends are way ahead of you 

If you understand the value for money, you probably know already that trends should not really dictate your expenses. Just because a nicer and newer machine is out, it does not necessarily mean that you need it. But if the last time you purchased a machine was eight years ago, an upgrade is a must. 

Sometimes, the upgrade is all about keeping up with the latest security standards in the industry, as well as payment solutions that old machines may not be able to provide. You need contactless payments, as well as the possibility to take NFC payments. 

Such new technologies will draw more customers over – they can pay by phone without even having a physical card around. If you see it like this, the new technology may actually pay for itself in no time – what can be better than that?

When there are no reporting capabilities 

Modern card processing equipment will allow you to get reports at a glance – a few taps or button combos will give you all the details you need about your business. You can get reports in real time, so you can make quick and efficient decisions. 

For instance, modern equipment can report sales, employee times, return totals, and so on. You may not always need such data, but there will be situations when you wish you had all these details. If your machine cannot provide them, you probably have an old-fashioned model.

Conclusion 

As a short final conclusion, there are lots of signs that your card processing equipment needs an update. Even if you can still take payments and there are not too many issues, an ancient machine does not have the security standards required today. 

More and more problems will arise. Repair costs will add up as well – plus, you do not want your customers reporting you for data breaches and leaked information. Such things could lead to hefty fees in the long run, not to mention the risk of losing customers and denting your reputation.