Businesses have more options for points of sale than ever before. Because of this, it is important to understand which payment types will work best for your company and how they differ. PIN on Glass, one of the latest emerging technologies for transactions, eliminates the cost and space needed for outdated, hefty hardware. Instead of using standalone kiosks or terminals for point of sale, businesses can download software onto tablets that are equipped with EMV readers that transfer PINs directly to the smart device’s screen. The 2018 Federal Reserve Payment Study found that from 2016 to 2017, credit card payments increased by 10.1 percent by number and 8.4 percent by value. Additionally, there was an ATM cash withdrawal decline by 2.8% that could be connected to the increase in credit card payments. In the past five years, cash usage has continued to decline, yet 55 percent of small businesses in the United States still don’t accept credit cards.
Because businesses have fees attached when it comes to credit card payments, owners might be less likely to accept cards if those fees are too high for the number of transactions they process in a certain month. Cash is also beneficial to merchants because it is secure and available immediately to be used or deposited, unlike pending credit card charges. PIN on Glass offers a different type of payment, however, that does not have the hefty transaction fees attached.
Not only is the PIN on Glass payment method more economical for businesses, but it also offers more security. In a world of personal identification numbers, magnetic strips and signatures, committing fraud can be much easier than the days when physical cash was the only option. When shopping online, 43 percent of consumers use their credit cards, according to a 2017 TSYS consumer payment study. Conversely, only 29 percent of consumers will use a credit card for in-store purchases.
For many people, cash is still viewed as the safest option when it comes to in-store payments. Chip readers help solve this problem by improving the security of paying with a card. A chip reader makes fraud more difficult because it encrypts personal banking information. PIN on Glass follows similar encryption tactics, keeps companies on top of digital trends, offers security to customers, provides convenience, and is cost effective for businesses big or small.
Digital payment technology is making in-store transactions safer, allowing consumers to feel as secure as they do when making online purchases. When it comes to choosing the right payment options for your business, we know you want to choose the right ones based on the market you’re in and the consumer base you serve. We’ve compiled a list of everything you need to know when it comes to PIN on Glass and how it might benefit your business and customers.
1. The Rise of Frictionless Payments.
With the increasing digitization of payments, transactions are becoming seamless, easy and quick. By 2023, the number of consumers partaking in digital commerce is projected to amount to 4,476 million users globally, according to Statista. Consumers want frictionless payments. Whether that be from mobile apps, mobile wallets or technology such as PIN on Glass, your customers want their product quickly and effortlessly.
Allowing your customers the option to pay how they want leads to higher customer satisfaction. Mobile money payments remove the hassle of credit card transactions because the technology reads the PIN on the card and transfers information directly to the mobile screen. This advanced digital payment method is not just easy for your customers, but it also gives your business the opportunity to grow digitally and stay on top of market trends.
2. PIN on Glass Provides Peace of Mind with Secure Transactions.
Credit cards are no longer just plastic payment options in your wallet. They are linked to your mobile phone or digital wallet, which is in turn connected to your bank. It’s easy to feel insecure about who can access this information with the prevalence of cloud-based technology and so many different payment options.
PIN on Glass removes the need for signatures. Cards such as Mastercard, Visa, and American Express removed this function recently because merchants rarely checked the customer signature against the signature on the back of the card. Between 2004 and 2010, credit card fraud rose 70 percent, according to Congressional Research Service. Of that 70 percent, 91 percent of debit cards using a signature to authenticate a payment resulted in fraud. Removing signature verification makes the in-store purchasing experience easier and safer. Newer technologies such as chip readers work to authenticate and authorize payments just as quickly, if not quicker, than magnetic strips and signature lines. Connecting chip reading technology to a smartphone or tablet lets the customer input his or her PIN directly into the device — a solution that isolates and protects payment details immediately.
ID TECH’s countertop payment solutions have all the latest certifications and meet EMV compliance. Our payment options are simple and compact in addition to being able to keep customer data and information safe. They are built to last and designed to fit your modern workplace. Offer your customers a peace of mind whether they are tapping, swiping or entering a PIN.
3. PIN on Glass is Quick & Convenient.
Shoppers want to be able to make quick trips and not have to worry about a long payment process. Swiping or inserting a card is easy and effortless. Higher customer satisfaction leads to brand loyalty and word-of-mouth recommendations that build a customer base.
When customers can make the transactions themselves and see the screen in front of them, they will feel more comfortable knowing their payments are secured. Transparency promotes trust. Oftentimes, PIN on Glass technology means consumer-facing payments. It is more personal and there is less friction, which leads to an overall better customer experience because it is smooth, fast and reduces wait time in lines.
To further ensure ease of payments for customers, ID TECH has created various payment types that include wireless, PIN pads and chip-reading technology. Our products with Near Field Communication (NFC) are equipped with EMV/chip card acceptance to further prevent fraud and offer solutions for whichever type of payment your customer plans to make. Additionally, PIN on mobile solutions adds even more convenience for retailers and consumers.
4. PIN on Glass helps Lower Fees.
Processing credit card payments can be a large price to pay if you’re a small business. This is why many mom-and-pop shops are still cash-only despite technological advancements in recent years.
Many businesses, both large and small, utilize tablets or mobile phones as a part of their customer service experience. Rather than paying up to thousands for bulky, outdated credit card machines, invest in smaller hardware that can be attached to your mobile devices and can be connected to downloadable software. ID TECH’s attachable devices are affordable and give your company the payment variety necessary to keep customers happy.
Let us get you connected
At ID TECH, we’re committed to fostering the expansion of accepted payments. Whether you are a cash-only enterprise looking to add wireless payments or PIN code technology to your transaction options, or you’ve had credit card payments available for a while and you want to streamline payment options for your customers, our state-of-the-art technology will suit your business needs. You know your customers, and you know their payment preferences. We’ll help you implement the most effective way to conduct your transactions while saving you money and time. If you’re interested in how our PIN on Glass solutions work, or to learn more about how frictionless payments can be incorporated into your business plan, email us here, or call us at 714-761-6368. We are based in California, but we have offices worldwide to support global payment trends and to optimize the way you do business.