Why You Might Need an EMV Chip Reader for Your Small Business in the Near Future

You might have noticed that many businesses no longer have a simple type of payment terminal. As technology advances and security becomes more and more important for the happiness of your customers, it can be essential for you to consider other ways to perform transactions. One of the newer features that a virtual terminal is now equipped with is the ability to read an EMV chip.

Here are some reasons why you might want to consider upgrading your terminals to read EMV chips.

A greater sense of security for customers

EMV chip cards are inherently safer than traditional cards that are swiped. Not only do they have a more complex method of encryption that helps to avoid any hacking, but it is also more difficult to obtain information from this technology. This can help your customers to feel more secure knowing your business has made keeping their information safe a priority. As your competition starts utilizing terminals that employ chip cards, you might also need to consider this as a way to keep clients from heading to another store.

You might be penalized for not having one

While this isn’t necessarily the case for small businesses currently, in the future, you might start to see merchant account providers cracking down on businesses who do not offer an EMV reader. It’s not required by law to have this type of terminal yet, but some companies might start requiring that small businesses register for an EMV chip certification before they will issue new terminals. While this might seem like extra work, it could be a problem if you haven’t made the switch within a few years as swiping starts to phase out.

You might be leaving your business liable

As EMV chip machines become more common, it’s possible that not having one could put your business in a dangerous position. You might be liable for fraudulent charges because you have not upgraded to a better form of technology for your business. If a stolen or fake credit card is run on your machine and you don’t have the correct terminal to identify that it isn’t real, then you might be the one facing the consequences. As credit card fraud cases continue to increase, small business might be the ones suffering the most from not having a greater method of security.

Failure to comply can cost you money

If you already have a chip reader and you choose to swipe a card instead, you might have to pay a penalty. Because transactions are so much safer with an EMV chip reader, merchant service providers are requiring that many businesses look to switch or they will have to pay fines. Overall, it can be simpler for you to switch over and start using a chip reader instead of having to pay penalty costs down the line for swiping a card instead. 

In conclusion

As payment methods grow and change, it’s up to small businesses to adapt in order to meet the needs of clients and payment providers. With an EMV chip reader, you are preparing your company for the future while adding another layer of security.

How to Increase Your Productivity through Contract Management Software

Many companies look to increase their productivity by using a variety of applications. However, knowing which type of software to use can take time and consideration when you want to choose the right one for your business. Contract management software can be extremely helpful when you want to keep your documents in one place and make them available for both employees and customers to look over.

Here are some ways you can increase your business’s productivity through contract lifecycle management.

Use it to improve efficiency

One of the main problems that comes with working with contracts is how slow the process can be. Writing up contracts can require several drafts, and it can be difficult to keep track of which changes have been made. Instead of sending emails back and forth and hoping that the changes are addressed, you can use contract management software to track edits and keep other parties informed for you.

With an automated system, customers or partners can address changes within their own time, and the simplified process can make it much easier for your business.

Use it to keep track of deadlines

If you have a number of contract negotiations going on at once, it can be confusing to keep track of which contracts need alterations and which can be signed. Contract management software can help you to keep track of which contracts need to be completed when. Late contracts can end up costing your company money while you wait for changes to be made or orders to go through. Poor communication can take time, but it also can create problems within your company if payments are stalled. 

Use it to improve organization 

Not only can contract management software improve your efficiency, but it can also keep you more organized and aware of which processes are working for your company and which need to be revised. You can start to notice where there are issues within the work flow of your contract creation and where you can speed up the processes. This type of software also helps you to eliminated redundancies and problems associated with poor management that can be difficult to see on your own.

Another helpful feature that contract management software has is allowing you to see how many contracts you have available in your repository and how they are delivered to your clients. This can give you a much better idea of whether you need to invest in creating better or more contracts and if the ones you have are adequate.

Having a variety of contracts also means that some are likely to be more important than others. It can be useful to categorize them by how often they are used, which ones need revisions, and if they include any essential deadlines or actions from your or your employees. This added organization can help you to stay on top of any deliverable you have on your end.

In conclusion

Contract lifecycle management can go a long way toward improving your business and making sure that you are getting the most out of your contracts. By using software, you can determine what improvements you should make and how you can be more organized for greater productivity.