3 Things That Might Happen When Transactions are Processed Faster

When it comes to transaction processing time, every second counts—especially with the inevitable hold-ups that will come as shoppers and cashiers alike adjust to EMV. With devices that process and approve transactions directly instead of going through the point of sale, that minimized time between swiping (or dipping) a card and leaving the store has several payoffs. Here are three reasons why taking the point of sale out of the approval equation could make a big difference in your retail strategy.

Your Reputation for Tech-Savviness Could Get a Boost 

If you’ve ever swiped your card, then waited around for what felt like ages until your receipt printed out, you probably didn’t think that business was very modern or tech-savvy. There’s a lot of technology out there meant to improve the speed and efficiency of the browsing and buying process, from stock tracking tools to interactive omnichannel kiosks. In comparison to those tools, transaction speed might not feel like as big of a deal, but it definitely sends the message that you prioritize making the checkout process as hassle-free as possible.

You May Be Seen as a More Reliable Business

Blame it on the influx of data breaches in recent years, but many of us are feeling a little wary about our credit card data. These days, having a payment terminal that’s up-to-date and capable of making speedy transactions could have the added benefit of feeling like a more secure way to pay. Especially with EMV, keeping a chip card inside the payment terminal until the transaction is completed might lead to some shopper anxiety at first. Faster processing times could alleviate some hesitations around what’s going on inside that machine.

The Busiest Shopping Times Likely Won’t Be Such a Hassle

Long lines may be the most frustrating aspect of key shopping times like Black Friday and Christmas—both for shoppers and retail staff. With so many things to buy and so many people around, everyone has the same goal: get into the store, get what you want and get out. While transaction processing time may differ only slightly from a payment terminal that needs to go through the point of sale to process transactions to one that approves them right on the device, when customers are in in a rush, every second counts. Especially for the most popular stores, it could be the difference between having a line that’s out the door and barely moving and the fast-paced line-shuffling of happy shoppers.

What does faster transaction processing time mean for your business? Send us a tweet @Cayan and let us know!
 
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