A smart terminal is a product that flooded the US markets right after the EMV liability shift that led to widespread replacement of magnetic stripe cards with EMV chip cards. Here are a few traits to look for in your smart terminal.
The ability to accept all payment types.
A smart terminal can handle all types of payments, including payments made from magnetic stripe cards, EMV chip cards, and NFC contactless technology, like ApplePay and Samsung Pay. With continuous advancements in technology and customer habits, a business with a terminal that fails to accept all sorts of payments may be held back in the long run.
A smart terminal connects with payments software and/or a merchant portal to create online batch reports, rather than creating reports on long paper receipts that a typical cash register does. A smart terminal will allow you to easily track a transaction’s history, including the date, products sold, and payment information. The right smart terminal should even allow you to create customized, analytics-based reports to help you manage your customers, your employees, your inventory, and disputes (like chargebacks).
A smart terminal can capture a customer’s email address. A customer can then have a copy of their receipt emailed to them whenever they feel a need. And businesses can add customers to their contact list for marketing purposes. Everybody wins.
However, if a customer wants a paper receipt, they can get one. The smart terminal will still store a copy of it electronically for any future reference. Should a customer lose their receipt, they can always have it emailed to them.
Data sharing capabilities.
Even though they are technologically advanced, some traditional cash registers do not sync transaction data between multiple payment systems. Large businesses have numerous checkout points, so finding a cloud-based smart terminal that can quickly update inventory across all devices will save employees time and frustration.
With the advancements in payment-related technology, it’s becoming difficult to choose the best product that benefits your business and aligns with your unique requirements. For someone who wants their business to grow and run along with the trends, it is important to keep up with all the ongoing advancements in payment technology.