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Modern Payment Systems And How They Are Benefiting Merchants During The COVID-19 Pandemic

Modern Payment Systems And How They Are Benefiting Merchants During The COVID-19 Pandemic

The COVID-19 pandemic has become one of the biggest threats to the financial markets and global economy. To contain the impact of this pandemic, United States and other countries across the globe are taking several measures such as encouraging paperless transactions and maintaining social distance. These changes have disrupted the economy and have resulted in short term decline in activities for businesses.

In order to serve clients fast and allow social distancing, merchants have been encouraged to adopt modern payment systems. These systems are designed to directly integrate to the point of sale and deliver a robust payment experience for both merchants and customers. As a merchant, how do you stand to benefit from using modern payment systems?

Get Paid Faster

Due to the COVID-19 pandemic, people have been encouraged to work from home. As a merchant, you not only work hard for your money, but also want to get paid even faster. Unlike cash based systems, modern payment systems are much quicker since they run on electronic transactions. Fast internet connections and updated system technology have made electronic transactions even speedier.

Lower Operational Costs

Every business person seeks ways to lower their operational costs. You can lower your costs through integrated payments and advanced terminal management. Modern payment systems have the ability to communicate seamlessly with multiple work stations and payment devices at once. Having shared payment device management will save you from spending a lot of money on cost of purchasing new terminals since your cashiers can push transactions from any workstation to a shared payment device.

Secure Payment And POS Integration

Today, integration between payment devices and cell phone store POS is becoming more popular. This mode of payment is more secure than non-integrated payment systems. It also allows the merchant to save more money and time by pushing transactions directly to the payment terminal instead of manually entering the amount. Integrated payments systems automatically update invoices when a payment is tendered. This allows for more accuracy and saves time while reconciling at the end of the day.

Complete Payment Flexibility

During the COVID-19 pandemic, the government has set a number of guidelines that every business owner needs to follow if they are to be allowed to conduct their businesses as usual. In order to serve many customers within a short period of time, merchants have been encouraged to accept many forms and different methods of payment. Doing this can be the difference between a walk-out and a sale. The good news is that modern payment systems accept contactless transactions, EMV chip, PIN debit and all major credit cards. Allowing your customers to enjoy complete payment flexibility not only keeps them happy, but they also keep coming back.

Remote Terminal Management

If you own and run several business outlets, you can use advanced payment systems to manage your payment devices from one location. These systems are designed to use terminal management software which allows merchants to detect and report payment device issues early. The systems also have security automation features to prevent fraudsters from hacking your network.