It is important for all businesses that accept credit card payments to keep up to date on which credit card terminals are being discontinued (or retired). When a credit card terminal is being retired, it means that the equipment and technology has become outdated, and eventually all support on those models will be discontinued. This can you leave in a sticky situation if a problem arises – particularly during a transaction.
Recently, there have been a few commonly used terminals that have been given their retirement notice. These terminals are:
These manufacturers have notified us that as these models continue to age, they may start to experience issues with updates and processing. Therefore, to avoid any issues, the recommendation is to upgrade your terminals with newer models.
Payment technology is constantly evolving as new functionalities, features, and security threats emerge in the industry. If you are using one of the terminals that will be discontinued, you will need to replace it soon. So, you might as well replace it with the latest technology to ensure you are able to support the changing payment preferences of customers and protect yourself from ever-growing security threats.
Although upgrading your terminal sounds like a hassle, don’t panic! It doesn’t have to be a painful, expensive experience.
There are three key benefits that come along with upgrading to the latest technology now rather than later. These include:
1. Increased Security
Security measures are constantly changing to keep up with the evolving threats of fraud. While security is becoming more advanced, outdated credit card processing hardware cannot keep up with the updates. Not having updated terminals with the newest security standards can put your customers’ credit card information at risk.
2. Improved Customer Experience
Customers want the checkout process to be as quick and seamless as possible. When using outdated terminals, transactions can take substantially longer than they should. Moreover, modern methods such as Tap-to-Pay and mobile wallets are becoming “table stakes” in terms of payment acceptance. Older terminals may not have that functionality.
3. Availability of Hardware
Many industries are taking a hard hit from ongoing supply chain issues. Chip shortages, in particular, are disrupting the availability of terminals in the payments industry. Waiting to replace your retiring terminals with modern versions may be risking product availability. While current inventory levels continue to wane, currently there is availability of upgraded models. The longer you wait, the smaller the inventory becomes, though.
Upgrading your credit card terminals is a great time to reevaluate your credit card processor. Over the years, your processing rates may have crept up or your customer service and support may have started to decline. Payments are way too important to your business to let that slide. Here are some questions you may want to ask yourself:
• Do I understand what credit card processing fees I am paying each month?
Sometimes sneaky fees can start to appear on your processing invoices. Many times, these fees are just a way for your processor to make more money. So, it is important to understand exactly what you are paying for each month and what you’re getting in return because you may be paying more than necessary.
• Am I getting high-quality customer service when an issue arises?
Customer service is a key component to a successful payment partner relationship. In addition to be accessible to answer your questions or solve problems, your payment provider should be proactively communicating with you. This includes things like updates in the lates technology, interchange price changes from the credit card companies and emerging security threat. These are all vital to keeping your business running smoothly.
• Do I have the right payments technology for my business?
Ensuring that your business is using the right hardware for your needs and that it is secure, up-to-date, and functioning properly is key.
In short, understandable pricing, accessible and proactive service, modern technology, and a focus on security are the pillars of a successful payment partner relationship. You deserve to have those from your payment provider.
Don’t put yourself in a vulnerable situation by gambling on a retired credit card terminal. Give yourself the time to learn what terminal fits your business best and make the right decision.
If you are currently processing with the soon-to-be-retired Ingenico iCT220 and iCT250, consider upgrading to the Tetra Desk 3500. It is a user-friendly, high-security terminal that accepts all payment methods. If you would like to upgrade your terminal now, we are here to help you find a new terminal that will work for your business needs.