The payment process makes a much bigger impact on customer experience than you might realize. With more customers abandoning cash in favor of electronic payments in the Philippines, your credit card terminal plays a bigger role than ever before in facilitating day-to-day transactions. If you have an older card terminal, it might be time to replace it with a more up-to-date payment terminal machine that accepts a whole range of other payment types other than credit cards. Here are seven signs that it may be time to upgrade soon:
1) It’s Not Wireless
If your credit card machine is still wired, it’s probably limiting your flexibility and causing inconvenience for both customers and staff. A wireless terminal like the Maya Terminal and the ultraportable Maya Terminal Lite allows you to process transactions from anywhere within your store as well as outside, giving you unlimited flexibility in designing your in-store checkout experience.
2) It Won't Accept Modern Payment Methods
A traditional credit card swipe machine won’t keep up with the Philippines’ current payment landscape. Even though magstripe cards are still around, they have largely been replaced by dipped EMV and tap-to-pay NFC payment cards. Many Philippine-based customers also prefer to pay with e-wallets, QR Ph codes, and direct bank transfers, making it necessary to adopt a card terminal system that also facilitates these payment types.
The Maya Terminal is more than just a card swipe machine. It’s a modern payment acceptance system that helps you effortlessly cater to diverse customer preferences. With regular updates from Maya, it will also ensure that your store keeps up with emerging payment types and challenges.
3) Your Device Keeps Breaking
Frequent malfunctions mean your card terminal needs to be replaced. While repairing can make sense in some instances, continuously repairing an outdated terminal will always cost you time and money in the long run. The Maya Terminal and Maya Terminal Lite are both designed to hold up to the rigors of daily use, helping you avoid disruptions to your operations and providing a hassle-free payment experience for your customers.
4) The Terminal’s Software is Buggy
A card payment machine that frequently freezes or glitches out can frustrate both customers and staff. Bugs can lead to customer anxiety or failed transactions, resulting in potential financial losses and negative checkout experiences. Upgrading to newer, more dependable card machines will minimize these issues and ensure reliable payment processing.
5) It’s No Longer Supported By the Vendor
Even working as designed, a credit card POS (point of sale) system that is no longer supported by the vendor poses significant security and operational risks. Without regular security patches, older systems become increasingly vulnerable to attacks by malicious parties, putting your customers' sensitive payment information at risk. Once your technology vendor ends support for your system, it should be taken as a clear sign to switch to an up-to-date multi-payment POS system.
6) Payments Take Too Long to Process
If your current credit card terminal takes too long to process transactions, it's time for an upgrade. Slow payment processing can lead to long queues, frustrated customers, and cart abandonments. Modern solutions like Maya Terminal and Maya Terminal Lite are not only built with faster processing capabilities compared to previous generation systems, but they also offer a wide selection of connectivity options to ensure that you always have access to a stable broadband internet connection.
7) It Doesn't Integrate With Your ECR
Seamless integration between your credit card terminal and electronic cash register (ECR) increases reporting accuracy and reduces the need for error-prone manual data reconciliation. What’s more, once your Maya Terminal is integrated into your ECR, you will be able to automate data in other linked systems, such as your inventory management and accounting software. If you’re serious about growing your business efficiently and sustainably, updating your card terminal is essential.
Embrace the Future of Payments with the Maya Terminal and Terminal Lite
While card terminals are not always a priority for emerging Philippine startups and SMEs (small- and medium-sized enterprises), keeping payment solutions up-to-date is vital for offering a stellar customer experience and maintaining sustainable growth. Recognizing the seven signs above should help you identify when it's time to replace your existing terminal with a modern payment system. Create a Maya Business Manager account today to accept all payments with a Maya Terminal or Terminal Lite.
After signing up for Maya Business, check out the Maya 1-2-3 Grow bundle. 1-2-3 Grow is an exclusive offer that gives you 1% MDR (merchant discount rate) on QR Ph sales, giving you PHP 14,600 for every PHP 1 million in sales. Moreover, by simply designating Maya Business Deposit as your main settlement account, you’ll be able to grow your money faster at 2.5% interest per annum. Signing up for the 1-2-3 Grow bundle also entitles you to a no-collateral Maya Flexi Loan offer as big as PHP 2 million within just 3 months. Join Maya Business today to enjoy seamless offline payments and one-of-a-kind exclusive offers.
