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When Should Enterprises Upgrade Their Swipe Machines?
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The main benefit of using a swipe machine for your business is that it makes electronic payments using credit/debit cards easy.
The main drawbacks of a card swipe machine are the transaction fees and the connectivity issues that may disrupt transactions.
Yes, tapping to pay is safer than using a credit card chip or debit PIN to pay. There is a possibility that the information from your chip or credit card can be copied/hacked by the reader.
Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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Swipe machines are the payment terminals that are super important for customer transactions currently. Many businesses which have a current account are using swipe machines, but some are still using outdated ones. The worst part about the outdated ones is that they can pose security threats to customer data, and they take too much time. New technologies are introduced in the new and upgraded models of today.
Let’s explore when the right time to upgrade your swipe machine is and why making the switch is beneficial.
The Risks of Using Outdated Payment Terminals
Any swipe machines that are old and outdated can bring potential risks to your business. They can adversely affect security, payment method compatibility, and customer satisfaction.
The older terminal models lag behind in supporting modern encryption protocols. So, such outdated machines are more vulnerable to cyberattacks, data breaches, etc., that can damage your business’s reputation.
There are many advanced payment methods in the market (like EMV chip cards and contactless payments). Older machine terminals do not allow you to access these payment methods. Therefore, the customers may get irritated and walk towards people with advanced, secure, and more convenient payment options.
During peak business hours, these outdated machines can be terribly slow and unreliable. This again frustrates the customers who are expecting quick transactions. You might end up getting negative reviews and lost sales.
Key Indicators of ‘It’s Time to Upgrade’
You must know when to upgrade your payment terminal if you want better business operations and customer satisfaction. Some clear indicators to consider an upgrade are:
Frequent Breakdowns or Connectivity Issues:
Such performance of a swipe machine in any business, especially in retail, frustrates customers and results in losses in sales.
Lack of Support for Modern Payment Methods:
The absence of modern methods can lead to customer dissatisfaction and pose security risks.
Inadequate Security Features:
No such security features can put your business and customers at risk of cybersecurity threats.
Physical Wear and Tear:
This leads to poor terminal performance and a poor customer experience.
Benefits of Upgrading Your Swipe Machine
When you upgrade to a modern payment terminal that comes with a business current account, you will experience several benefits that can improve your business operations, productivity and the satisfaction of your customers:
How to Choose the Right Swipe Machine for Your Business?
The following factors are very important when you are choosing a new payment terminal/swipe machine for your business:
Summing Up
So, now you know that upgrading your swipe machine is really needed by businesses that want to stay competitive and provide customer satisfaction. Businesses must be aware of the benefits of upgrading and recognise the outdated payment terminals. If your current machine is showing signs of wear or struggling to keep up with modern payment methods, get a new and reliable solution by choosing a suitable Kotak Mahindra Bank Current Account. The right upgrade of the Point Of Sale (POS) Machine (wired or unwired) will help your customers who will now not be frustrated with longer downtime or queues.
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