Nov 12, 2014

Keeping Up With Payment Systems Technology

A recurring scene in futuristic movies shows a character paying for a purchase by touching the screen of a hand-held device, or swiping a wand across a terminal. Thirty years ago such an act was certainly the stuff of science fiction. Today, this payment method is a reality. The future is here.
That is, except for some antique dealers who remain in the payment-processing Stone
Infographic courtesy of: Community
Infographic courtesy of: Community
Age. You know the ones I mean: Checks and cash only, or sometimes layaway.
While entertaining out-of-town guests last month, I stopped at a local antique mall in a tourist town. My guests spent about an hour perusing the mall’s three floors, selecting a few items that could easily be packed in their suitcases for the flight home. They were flabbergasted when they got to the check-out and found a sign that read “No Credit or Debit Cards Accepted, Cash or Good Check Only.” Wanting to hold on to their cash, and not carrying a checkbook (Who carries a checkbook anymore? Isn’t that what debit cards are for?), they expressed their dismay to the clerk and returned several hundred dollars’ worth of merchandise to the shelves.
The following week I phoned the mall owner and asked him about his credit card policy. He steadfastly maintained that he has never lost a sale by not accepting credit cards. When I told him of my recent experience, he said that as far as he knew it was the first time that had ever happened in 20 years in business, and that gaining one sale wouldn’t begin to cover the expenses of accepting credit cards. Read More...

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