Don't overlook the importance of POS technology in helping your business boost customer satisfaction. Along with traditional methods of retaining customers, like maximizing customer service and offering competitive prices, payment processing solutions can help companies remain competitive and keep their regulars satisfied with every interaction.
Why small businesses should invest in payment processing systems to increase customer satisfaction:
Stellar payment service
Customer service is important. According to the 2011 RightNow Customer Experience Impact Report, a startling 89 percent of customers who had a poor experience with a company's service stopped doing business with them. The two main issues that caused a poor customer experience included not being able to find the payment portal or the customers preferred method of payment was not available.
An easy way to make sure your customers have a positive experience in the checkout line is to integrate the best payment solutions possible into your point-of-sale systems. If customers make it all the way to the payment part of their purchase and can't complete it because a user interface was too confusing or their checks couldn't be processed, it could damage the business's reputation and ultimately hurt bottom lines.
Security is a top priority
The new guidelines for EMV cards will take effect in October to make sure the data of customers and companies alike remain secure at the point of sale. The guidelines indicate a shift in liability at the point of sale. According to VISA, after October, the liability will fall to the party that does not have EMV capabilities in the event of an information breach. Recent data breaches at stores like Home Depot and Target have caused consumers to be more concerned about what's happening to their data once it is in the hands of retailers. According to Info Security Magazine, the new PCI Data Security Standard encourages businesses to incorporate payment security measures into their day-to-day operations.
Customer data security is of the utmost importance. The more a company does to prepare for the shift to EMV, the more customers are likely to feel confident about the business's desire to keep their data safe. This can generate satisfaction and can keep customers coming back to do business with the store. In order to prepare for EMV, companies need to invest in the hardware that will allow them to read new credit cards embedded with microchips instead of the magnetic strips common in today's cards.
Multiple payment options
Not all customers have the same preference when it comes to paying for goods and services. Merchants with point-of-sale terminals thathave increased payment processing capabilities, such as electronic check processing, are more likely to retain customers with a variety of payment preferences.