With signatures being phased out by Visa and MasterCard from August 1 in favour of PIN-based transactions, First Data Corporation has released new payments technologies to help SMEs adapt to PIN-only credit card transactions.
From 1 August this year, signatures will be phased out by Visa and MasterCard and all transactions will be PIN-based, meaning customers can no longer sign their credit card bill at the table. First Data’s new payments solution, which includes new mobile EFTPOS terminals, an integrated PayTable solution and other customisable applications – aims to increase customer convenience, service and turn over, thus helping SMEs drive revenue growth.
First Data Australia’s Managing Director John Tait said these products were unique in the market and will be of particular benefit to SMEs in the travel, entertainment and hospitality space.
“The transition to PIN-only transactions could be time-consuming for businesses – especially if there are limited point-of-sale terminals available,” Tait said. “It’s likely that congestion can occur at the counter when multiple transactions need to happen at once, and people will be less likely to tip if slowed down and not prompted.
“Our product encourages tipping and streamlines the payment process for consumers – all at the table. The app is one small part of our integrated payments solutions for merchants that will revolutionise the customer experience, give people more choice in how and when they pay, and give merchants better insights into their business. Customers want convenience and are more likely to be repeat visitors if their initial experiences are positive and hassle free.”
More information is available here.
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