The use of credit cards in the US is rising and new payment options such as Apple Pay, Android Pay, etc. are gaining popularity. In the midst of this payment evolution, industries using unattended kiosks or vending machines that don’t take all card types or forms of payment can be at a disadvantage. According to a recent study, cashless payments when compared to cash payments, contributed directly to positive sales development in the vending industry.
It’s been five months since the US EMV liability shift deadline of October 1, 2015 passed. Even though the EMV migration has been slow in the US, many big box retailers, such as Best Buy, The Home Depot, Walmart etc. have upgraded their payment technology to accept EMV chip cards – a new credit card security standard in the US. But many small businesses are yet to migrate.
The EMV liability shift date, October 1, 2015, has come and gone, but many retailers have still not made this critical update. Most are left wondering: Is it too late? The good news is that it’s not too late for your business to upgrade. However, if credit card fraud takes place at your establishment before you take action, you will be held responsible for the financial repercussions.
The hospitality industry sees a lot of payment transactions, and in most of these situations, the servers/staff takes the credit card from the customers to process the payment. In a typical dine-in restaurant environment, the server drops off the check, the customer puts their credit card in the billfold, the server then picks up the check, swipes the card in the back of the restaurant and brings the customer a receipt to sign. But, this payment experience is now starting to change…and for good reasons. Many hospitality businesses need to rethink how they accept payments and consider bringing payments to the consumer at the point of service as a viable option. Why? Let’s take a look at five reasons why paying at the point of service is beneficial to the hospitality businesses:
This month, Ingenico Group interviewed Justin Levitte, vice president of strategic customer solutions at Elavon, a leading global payments provider and subsidiary of U.S. Bancorp, who had some great insight for restaurants and hotels around the EMV migration, pay at the table solutions, and much more.
