Debit and credit cards have highly increasing become the preferred methods to pay for goods and services. As a merchant, we should be up to date with the current technologies and strategies available in the market. It is because when it comes to making an online payment, ease of access and security directly affect sales.
Keeping with the current advancements in technology in spite of the industry can be hard. The new payment gateway integration’s are one of the major areas, which we never let to get left behind, as offering security for our customers is a top priority. As a merchant, we should implement the most important card payment strategies now.
Importance of card payment strategies:
Developing and implementing the card payment strategy will help us perfectly plan for the upcoming years and keep speed with their competitors, as well as enhance their financial performance. Below, we mentioned some of the benefits of implementing card payment strategies now.
• Greater revenues
• Enhanced security over cash
• Minimized costs associated with the handling cash
• Improved reporting when compared with cash
Plenty of consumers are starting to use credit and debit cards because of its convenience similar to cash. Therefore, we must implement many new payment strategies to improve their comfort and flexibility in using cards.
List of payment strategies need to implement now:
We need to know about the following technologies and should work to implement them as well.
The biggest vulnerability with the card payment is thieves easily get access to use magstripe information. It is because of the data on the black strip of the card is unprotected. Europay, Mastercard, Visa (EMV) chips are one of the biggest steps towards eliminating this issue.
Radio Frequency Identification (RFID) is touchless card payments and it lets a card to recognize itself & make a transaction with no physical contact over a short distance. Apart from these, you can implement mobile wallets and NFC.