Smart payment solutions: which one is the right choice?

Written by Jereme on

Smart devices are enabling businesses to accept payments in new, customer-pleasing ways.

Businesses that accept digital payments have a wide range of options. Merchants can use traditional, stationary, countertop payment terminals. They can access payment gateways for online transactions, or mobile point of sale (mPOS) solutions for transactions away from the counter – or even away from the store. There are even unattended payment kiosks to offer customers self-service options. 

Smart payment solutions, which are relatively new on the payments scene, are also becoming a popular option, giving merchants a practical choice with great ROI potential. Better still, these flexible, standalone payment solutions couldn’t have emerged at a better time. Merchants adapting their businesses to consumer trends and regulatory changes driven by the pandemic may find smart payment solutions are perfect for their operations.

You can break down “smart payment solutions” into two main categories. This overview of smart terminals vs. smart payment devices can help narrow your clients’ choices down to the solution that’s right for them.

Smart payment solutions.

Smart payment solutions are payment devices that offer additional functionality, often found in a full point of sale (POS) solution. In addition to accepting payment cards, including EMV chip cards, debit cards, and NFC contactless payments, they can also include built-in receipt printers and cameras for barcode scanning, and possibly a second customer-facing touchscreen. They’re even designed to give merchants maximum flexibility with 4G and wifi connectivity so that they can accept payments almost anywhere.

The software that powers smart payment devices offers merchants capabilities that traditional payment terminals do not. For example, there is inventory management. Smart payments software allows merchants to build product libraries, and track inventory using barcode scanning to streamline the process.

With their added functionality, a smart terminal alone may meet all of a company’s needs, eliminating the expense of a full point of sale (POS) system. For cash-strapped small and medium-sized businesses (SMBs) looking for an affordable way to meet consumer expectations for safe interactions, keep up with changes regarding where and how they can operate, and provide frictionless payment experiences, smart terminals may be the answer.

Turning smart devices into smart payment solutions.

Another option available to your customers is using solutions that allow them to accept payments on a compatible iOS or Android device. For example, our Payanywhere Bluetooth Credit Card Readers give merchants the option of selecting a 2-in-1 Reader for magstripe and EMV cards, or a 3-in-1 Reader to also accept NFC contactless payments like Apple Pay and Samsung Pay. They also offer 4G and wifi connectivity to share data with the network and barcode scanning for faster, more efficient payment experiences using a smartphone or tablet.

Merchants can also use their smart devices to accept payments with a virtual terminal. This payment solution allows merchants to enter payment card information, which they receive over the phone, through the mail, online, or in-person, into a screen on their tablet (or other mobile device). Virtual terminals can even allow merchants to set up a subscription, or recurring payments to offer their customers greater convenience – boosting revenues in the process. 

In the future, expect to see more smart devices making payments easier for consumers, such as paying for metered parking, making a purchase from a vending machine, ordering and paying directly from a smart refrigerator, and more.

Next steps for Sales Partners.

In an era of rapid change and new business model adoption, resellers and merchant services agents need to be ready to provide customers and prospects with any type of solution they need. Make sure your portfolio is filled with the latest options, including smart payment solutions, to help foster a safer and more frictionless payment experience for merchants and their customers.

To learn more about the demand for smart payment solutions and how providing them can help grow your business, contact us for more details.