You’ve likely heard the phrase, “Cash is King”, but that may no longer be true. While the age-old saying was originally used to convey the need to have “a cash reserve” to avoid ruin during times of crisis, with the advent of loans, store accounts and promissory notes, accepting cash became the preferred payment for property, goods and services to protect against default. For many businesses, it seemed like a “no brainer”, but that was before technology began to dominate.
American Express introduced the first credit card with electronic payments in 1959, but the development of an Automated Clearing House that could process large volumes of transactions in 1972 was the real game-changer. As the technology continued to evolve, merchant service providers were able to demonstrate electronic credit card processing often resulted in more sales and more profits. Savvy businesses signed on to enjoy the benefits, while at the same time, provide an “easier way to pay” for their customers’ added convenience. A win-win situation for both merchant and customer, swiping and tapping became a way of life, with cash, in many cases, used as a back-up for small purchases.
But the times, once again, have changed with the COVID-19 Pandemic shining a spotlight on how bacteria and viruses can spread through contact. Given that cash can harbor germs, is passed through countless hands and remains in circulation for years, many people are becoming leery about handling money during these uncertain times. Whether an actual risk, or simply a psychological factor, consumers are perceiving electronic transactions as a “safer way to pay” than using cash.
With the ability to process credit & debit cards via the phone and online, merchants can easily offer safe payment through electronic transfers. Plus, contactless card processing systems are also available to add a higher level of confidence during purchases in store. It could be a worthwhile investment, not only to offer assurance during the COVID-19 pandemic, but also to meet the demand of young consumers who prefer contactless technology for ease of use!
Whether you plan to install this new technology, or stick with your current card processing system, it is recommended by CDC health officials that you routinely disinfect all surfaces in your business for added safety during these ever-evolving times. If you have any questions regarding credit card processing and payment processing safety protocols, the professionals at CardConnect Goldcoast can provide answers, as well as offer guidance on technology well-suited for your business as we all adjust to a “new normal.”
Our systems are designed to be easily integrated into any industry from retail to restaurants, hotels, healthcare, automotive, service providers and more. From transactions that happen in-store or on-the-road to those completed via phone or online, we bring you the hardware and software solutions you need for payment processing that never stops your progress. Merchant accounts, credit card processing, universal commerce, point-of-sale (POS), payment processing, we do it all. Contact us online or by phone at (800) 823-2131.
At CardConnect Goldcoast, we wish you good health & safety.