Category: Blog

Payment issues faced by merchants in Canada:

Handling a business may seem to be easy but it isn’t. Merchants and businessmen face dozens of problems each day and finding solutions are necessary to keep their business afloat. The issues may vary from supply chain management to payment transactions. This article is about the occurrence of issues in the payments part of the business and we at T360 pay are there to help you in solving these issues.

You may face multiple payment issues but some of the main issues are highlighted below :

All-in-one payments support :

Canada houses a large number of expatriates, tourists, and immigrants. The diversity of nationalities of people creates the need for acceptance of a huge number of credit cards, debit cards, digital wallets, Etc for successful acceptance of payments. So to be able to serve the maximum number of types of payments, you need a payment terminal that has all-in-one payment support to accept diverse payment types and methods.

High processing fee :

There are multiple points of sale system providers in Canada and many of them may cost you a high processing fee to process your transactions. The processing fee is mostly calculated in percentage. For small transactions, the charges may seem less but once you will be sending payments to your suppliers or receiving large payments for bulk orders, a high processing fee will be a huge burden for you.

Weak Customer support:

The payment terminal company that you choose should be having efficient and fast support. Fast and reliable customer support is important for your business because if your payment terminal is down it will pose a big hurdle for your business. Your payment terminal should have maximum uptime so that you can seamlessly run your business.

Routing vendor payments :

Your business may be having multiple suppliers or vendors who send you goods or services on a regular basis. Sending and managing these regularly to your supplies may turn into a messy hassle for you. When the number of your suppliers increases, keeping a track of such payments becomes tough.  A payment terminal that helps you manage regular payments in an easy way will be of huge help to your business.

Encryption:

Numerous customers will trust you with their personal data while doing a transaction on your payment terminal. Keeping this data safe is your responsibility so that they don’t fall prey to fraudulent calls and scams in the future due to leakage of data from your hardware. You need a payment terminal with high security and strong encryption to keep your customers safe.

Device Integration:

Your business may be using multiple devices to run with ease such as printers, barcode readers, biometric scanners, laptops, Etc. Connecting these devices with each other for seamless data flow is extremely needed. Your payment terminal should have the capability to connect with multiple devices so that it eases your business process otherwise you may have to do those processes manually which may need hiring an extra employee thus leading to an increase in overheads.

All you need to know about payment terminals :

If you are confused with what, how, and which payment terminal to choose that suits your business perfectly, You are at the right place. Just a few minutes and you will have all the answers to your questions.

What is a payment terminal :

A payment terminal is a machine that acts as a mediator between the payment sender and receiver for cashless transactions. Moreover, these are generally referred to as POS (Point Of Sale) terminals, and PDQ (process data quickly or Pretty damn quick ) terminals. The current techy world has made it necessary for businesses to have payment terminals at their counters to accept quick cashless payments and get one of your business. Be your business small or large, a good payment terminal can help you improve your customer experience by enhancing hamperless payments at your outlets or counters.

What are the features of a payment terminal? :

As mobile phones evolved into smartphones, so did payment terminals. Now it is not just about accepting payments, payment terminals have evolved a lot and have new handy features which have let you have an edge over other businesses. These features were introduced in Point Of Sale terminals to ease the business process and help you maintain and grow your business effortlessly. Here are some of the features that payment terminals are bundled with :

Contactless payments:

Contactless payments allow customers to pay at a Point of Sale terminal by simply bringing their credit cards or debit cards near it rather than swiping the card. It allows faster payments and with this feature, payments can also be captured using smartphones by just bringing the smartphone closer to the terminal and the amount gets deducted from the digital wallets that they use in their smartphone such as Gpay, Amazon Pay, Apple Pay, Alipay, Paypal, etc.

NFC Payments:

Near field communication (NFC) is a technology that is embedded in smartphones and now payment terminals accept payments using NFC, a user just taps his smartphone with the payment terminal, and payment is transferred securely.

Fingerprint readers:

To add extra security, some payment terminals are embedded with fingerprint sensors so that only authorized administrators can log in to the terminal and reimburse payments.

Online cash registers:

Some payment terminals keep a track of transactions and store data in a digital cash register so that you can screen your transaction history right away.

Inventory management:

Inventory management is a handy feature that helps ease the business process. With the help of this feature, businessmen can easily keep a track of available inventory and keep a note about out-of-stock items so that they are never short of products.

Invoice printing:

Even the smallest of the Point Of Sale systems can print receipts and invoices now so that you don’t need a separate printer to print customer bills.

Interactive displays:

Having a user-friendly UI helps to improve customer experience and having interactive displays with cool graphics adds to the pros of a Payment terminal.

Transaction history:

Payment terminals store the transactions done on them, this helps not just to save and view records but also is needed while checking the status of completion of the transactions.

Bar code readers:

Barcode readers are embedded in All In One Point of sale Terminals which ease the process of registering the sale of a product by contactless scanning of the barcode on the product.

Secure Encryption:

Payment terminals are embedded with a high level of security so that your payments are always secure and confidential.

Interactive Data Metrics:

Some payment terminals record the data and represent the data in graphical forms which help you to easily analyze and interpret the data so that you understand your business growth in a better way.

What will be an ideal payment terminal for your business?

While choosing a payment terminal for your business, you need to consider various factors such as the scale of your business, the type of business, and your business process. E.g if your business includes keeping inventory updated such as a pharmaceutical store, a payment terminal with an inventory management feature will be a great fit. If you have a departmental store, a payment terminal with a barcode reader will ease your order processing. For a small business, a simple credit card and debit card terminal will be the efficient choice. If your business is mobile, a portable payment terminal will be the right choice. Apart from this, a virtual payment terminal will be the best choice for you if your business is online.

Why T360 Pay?

T360 powered payment terminals are secure, efficient, effective. In addition to this, T360 Pay provides world-class customer support so that your business is never hampered. We aren’t just a payment provider, but we will support your business like a business partner. The devices powered by us are :

Clover Flex:

All-in-one handheld Point Of Sale system with built-in features such as conducting business, tracking sales, and accepting payments.

POYNT:

Feature bundled Point Of Sale systems by Godaddy brand; POYNT.

Desk 5000:

Point of sale system with strong Encryption and capability to run HTML5 business apps.

Move 5000:

Feature-rich next-generation portable payment terminal.

Clover station Duo:

Dual screen powerful Point Of Sale system that lets customers view and initiate payments on the second screen.

Clover Mini:

Sleek Point Of Sale System that can accept all types of card payments and NFC technologies

Converge:

Quick and Secure online payment gateway for processing all payment types from debit and credit cards to gift cards.

Let us be a part of your growth.

Why go Cashless by using payment terminals at your business?

Cashless payments are digital payments that are done by using debit cards, credit cards, internet banking, digital wallets in one’s smartphone, Etc. In order to do a cashless transaction, you need a payment terminal or an online payment gateway.

Need to go cashless: 

The advancement in technology is driving this world fast on its wheels. We have come far from the advent of electricity to the use of electricity everywhere be it mobile devices or electric cars.

Technology left no domain untouched and is now revolutionizing currency. The new world of banking works on inter-banking principles of anywhere banking which was only possible by the use of technology. Now currencies are sent, received, and converted into one another digitally. So if financial institutions are promoting digital payments, why shouldn’t you ?.

People are switching to digital transactions at a rapid pace so it has become a need rather than a want for businesses to keep hardware that is capable of accepting digital payment. The cashless point of sale transactions won’t just help you do transactions but apart from this, they have plenty of embedded features to offer such as :

Contactless payments

Barcode scanners

Fingerprint readers

Online cash registers

Invoice printing

Interactive displays and data metrics

Secure encryption

Inventory management

By easing your payments, payment terminals will empower your business and will ease your business process thus helping you run your business all at your fingertips. Not, just this, some more major benefits of using payments terminals at your business are as :

Faster Payments:

By using payment terminals, you don’t need to count and organize cash anymore, payment terminals let you check the amount of a transaction on the screen and you can also view your total balance with just a tap. Thus saving you a lot of time and work.

Convenience:

Payment terminals make your payments convenient. Not just your convenience, it increases the convenience of your customers thus improving customer experience at your outlets. This will let you serve your customers better and improve your customer retention.

Security :

Payment terminals have high encryption for safer payments and not unjust this, they have biometric sensors so that only you can access and withdraw the payments.

Tracking Payments:

Payment terminals store the payment transaction history, which lets you track your transactions to any date and let you check the status of the transaction i.e whether the transaction was completed, withdrawn, or is pending.

Reporting : 

Payment terminals store the data and present the data to you in interactive graphical metrics which help you visualize the growth of your sales, revenues, profits, Etc. This lets you check if your business is working effectively or needs quick intervention.

What exactly is a chargeback? 

Chargeback is an amount reversed from a merchant’s account to the customer’s account when there is a violation in the services provided to the customer. Chargebacks are a reversal of payments to a cardholder’s account by the bank in case the cardholder is duped by a merchant. A merchant has to incur some charges due to a chargeback. In the case of a chargeback, a customer is credited and a merchant is debited when the customer provides significant evidence that the terms and conditions of a transaction were violated by a merchant.

Why a Chargeback?

A chargeback may be initiated in various cases, some of which are as:

If the customer claims that the goods weren’t received or the goods received were significantly damaged beyond the scope of repairment.

If the customer claims that the goods received were different or had significant specification changes rather than the one described by the merchant.

If a customer claims that the merchant did multiple transactions for a single unit or did unauthorized transactions with the consent of the customer.

If the customer claims that the amount charged was more than the mutually agreed purchase price of the item.

If the customer claims that charges were added erroneously.

Why avoid chargebacks?

The main motive in avoiding chargebacks is saving your money. In case of a chargeback, the merchant will not only have to pay the amount charged to a customer but will have to incur some additional amount by your merchant services for the investigation of the evidence and resolving the issue.

Moreover, chargebacks lead to significant deterioration of business goodwill and reputation. In the present era of social media, a customer may share his or her case on social media and thus leading to broad communication with your potential future customers, which will hurt your business.

Not just this, if your financial service p[rovider feels your chargeback rate is higher, they may terminate your account, thus increasing the hassles for you.

Chargebacks are frustrating! aren’t they?

How to Avoid Chargebacks?

Have clear policies such as return, refund, and terms of service policies :

Keep simple, clear and well-written privacy policies on your online store handles be it your website or Facebook page. Your business policies should be visible to everyone so that your customers know exactly what they are dealing with.

Keep your contact details accessible to your consumers :

Your customers should be able to contact you easily in case of any queries about the products that you sold to them so that disputes get solved first hand rather than escalating them.

Provide in detail product descriptions and specifications :

While selling your product, provide all details about the product clearly to the customers. Moreover, you need to keep accurate pictures of your products taken from different angles so that your customers get what they order.

 Get Customer signature for card usage invoices :

Customers won’t be able to claim unauthorized use of their cards at your payment terminal if you get their signatures on invoices. This will help you be extra secure while dealing with your customers.

Provide responsive customer support :

Having responsive customer support is a great way in handling customer complaints, queries, and dispute resolutions. This leads to lesser chances of involvement of third parties in any dispute thus leading to quick issue resolving.

Ship with online tracking and give realistic delivery dates :

Online tracking lets customers keep an eye on their product in transit, it not just provides the information but helps a lot in the trust-building process. And providing realistic delivery dates keeps preventing customers from prematurely filing disputes.

Buy shipping insurance :

Many things can also go wrong in transit that is why keeping fragile and expensive items insured in shipping is a  great way in managing any untoward issues.